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862 Henderson Appraisal FLORIDA REALTY ANALYSTS, INC. Appraisal • Consulting • Brokerage 1 SUMMARY APPRAISAL OF A 2.328 ACRE VACANT COMMERCIAL PARCEL LOCATED ALONG THE NORTH SIDE OF W. 13 STREET, SOUTH SIDE OF W. 11 1 STREET, AND EAST SIDE AND SOUTHERN TERMINUS OF CEDAR AVENUE IN THE CITY OF SANFORD SEMINOLE COUNTY, FLORIDA ' PREPARED FOR ' MARC A. HULTIN PUBLIC WORKS MANAGER CITY OF SANFORD ' P.O. BOX 1788 SANFORD, FLORIDA 32772 1 DATE OF INSPECTION: JANUARY 14, 2008 DATE OF VALUE: JANUARY 14, 2008 DATE OF REPORT: JANUARY 21, 2008 PREPARED BY FLORIDA REALTY ANALYSTS, INC. DONALD P. OEHLRICH, MAI PRESIDENT STATE - CERTIFIED GENERAL APPRAISER 1 RZ 2160 C08 -02 1 499 N. SR 434, Suite 1081 • Altamonte Springs, Florida 32714 • (407)862 -7070 • FAX: (407)862 -0122 1 1 FLORIDA REALTY ANALYSTS, INC. Appraisal • Consulting • Brokerage 1 January 21, 2008 Mr. Marc A. Hultin, CPRP Public Works Manager ' City of Sanford P.O. Box 1788 Sanford, Florida 32772 ' RE: Appraisal of a 2.328 acre Vacant Commercial Parcel in the City of Sanford. Dear Mr. Hultin: 1 As requested, I have made the necessary investigation and analysis in order to appraise the above - referenced property. The site is located along the north side of W. 13 Street, south side of W. 11 Street, and the east side and southern terminus of Cedar Avenue in the City of Sanford, Florida. The purpose of the appraisal was to estimate the market value of the fee simple interest for the subject property. The date of valuation for this report is January 14, 2008. The ' intended use of this appraisal is for internal decision making and evaluation by the City of Sanford. The property is more fully described by both narrative and legal description within the text of the appraisal report. ' The property rights appraised assume fee simple title ownership, with no adverse liens, encumbrances, deed restrictions, or easements against the property. Your attention is directed to ' the Appraisal Assumptions and Limiting Conditions starting on page 1. These are considered appropriate for this assignment. ' This is a Summary Appraisal Report that is intended to comply with the reporting requirements set forth under Standards Rule 2 -2(b) of the Uniform Standards of Professional Appraisal 1 Practice for a Summary Appraisal Report. As such, it presents only summary discussions of the data, reasoning, and analyses that were used in the appraisal process to develop the appraiser's opinion of value. Supporting documentation concerning the data, reasoning, and analyses is ' retained in the appraiser's file. The depth of discussion contained in this report is specific to the needs of the client and for the intended use stated above. The appraiser is not responsible for unauthorized use of this report. 1 1 1 499 N. SR434, Suite 1081 • Altamonte Springs, Florida 32714 • (407)862 -7070 • FAX: (407)862 -0122 Mr. Marc A. Hultin January 21, 2008 Page 2 I certify that, to the best of my knowledge and belief.... 1 - The statements of fact contained in this report are true and correct. ' - The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, unbiased professional analyses, opinions, and conclusions. - I have no present or prospective interest in the property that is the subject of this report, and I have no personal interest or bias with respect to the parties involved. ' - My compensation is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value estimate, the 1 attainment of a stipulated result, or the occurrence of a subsequent event. My analyses, opinions and conclusions were developed, and this report has been prepared ' in conformity with the Uniform Standards of Professional Appraisal Practice (USPAP), the Code of Professional Ethics and the Standards of Professional Appraisal Practice of ' the Appraisal Institute. I have made a personal inspection of the property that is the subject of the report. ' - Mark McLearn, who is a State - Certified General Appraiser No. RZ 1406 (Expiration 11/30/06) provided significant professional assistance to the person(s) signing this report. - The value estimate in this appraisal report was not based on a requested minimum valuation, a specific valuation, or for the approval of any loan. - The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. ' - As of the date of this report, Donald P. Oehlrich, MAI has completed the requirements of the continuing education program of the Appraisal Institute. The undersigned appraiser currently holds the appropriate state certification allowing the performance of real estate appraisals in connection with federally related transactions in the state in which the subject property is located. Mr. Marc A. Hultin January 21, 2008 1 Page 3 I have not been provided with a boundary survey for the subject property. The site is an irregular ' shaped parcel that contains approximately 2.328 acres or 101,421 square feet. The property includes tax parcel numbers 25- 19- 30 -5AG- 1311 -0060, 25 -19 -30 -5AG -1411 -0060, 36- 19 -30- 512- 0000 -0020, 36- 19 -30- 300 - 0170 -0000, 36- 19 -30- 300 - 0160 -0000, and 25-19-30- 5AG -1411- 1 006A. The site is vacant. As a result of my investigation and analysis of the information contained herein, as well as a knowledge of real estate valuation procedures, it is my opinion that the market value of the fee simple interest of the real estate described herein, as of the date of valuation, January 14, 2008, was: ' FOUR HUNDRED FIVE THOUSAND DOLLARS ($405,000) I do not authorize the out of context uotin from or partial reprinting of this appraisal report. q g p p g pp p Furthermore, neither all nor part of this appraisal report shall be disseminated into the general ' public by the use of media for public communication without prior written consent of the appraiser(s) signing this appraisal report. 1 Respectfully submitted, ' Florida Realty Analysts, Inc. id(// e1/5-(1(*(-- ( Donald P. Oehlrich, MAI ' President State - Certified General Appraiser Certificate No. RZ 2160 , I 1 1 1 i 1 1 1 1 TABLE OF CONTENTS TITLE PAGE ' LETTER OF TRANSMITTAL TABLE OF CONTENTS ' INTRODUCTION ASSUMPTIONS AND LIMITING CONDITIONS 1 ADDITIONAL LIMITING CONDITIONS 3 ' DEFINITIONS OF VALUE AND PROPERTY RIGHTS 4 LOCATION MAPS 5 SUBJECT PROPERTY PHOTOGRAPHS 7 SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS 9 FACTUAL DATA 10 LEGAL DESCRIPTION 10 HISTORY OF THE PROPERTY 10 III SCOPE OF THE APPRAISAL 11 COMPETENCY PROVISION 11 GENERAL INFORMATION NEIGHBORHOOD MAP 12 NEIGHBORHOOD DATA 12 1 SITE DATA 16 ZONING/FUTURE LAND USE /GROWTH MANAGEMENT 18 TAX AND ASSESSMENT DATA 19 DESCRIPTION OF THE IMPROVEMENTS 20 HIGHEST AND BEST USE ANALYSIS 22 MARKETING PERIOD 25 ' APPRAISAL PROCESS 26 LAND VALUATION 27 RECONCILIATION 30 ' EXHIBITS Comparable Land Sales ' Last Instrument of Conveyance Deed Metropolitan Orlando Area Data Zoning Regulations Appraiser's Qualifications 1 1 ASSUMPTIONS AND LIMITING CONDITIONS 1 1) A survey of the subject property has not been provided. The area calculations for the 1 total size were obtained from tax records. Should these calculations prove to be inaccurate, the value estimate would be subject to review. ' 2) The property is appraised free and clear of any or all liens or encumbrances unless otherwise stated. 3) Responsible ownership and competent property management are assumed. I 4) The information furnished by others is believed to be reliable. No warranty, however, is given for its accuracy. I 5) All engineering is assumed to be correct. The survey, improvement sketches and other illustrative material in this report are included only to assist the reader in visualizing the 1 property. 6) It is assumed that there are no hidden or unapparent conditions of the property, subsoil, I or structures that render it more or less valuable. No responsibility is assumed for such conditions, or for arranging for engineering studies that may be required to discover them. 1 7) It is assumed that the property is in full compliance with all applicable federal, state and local environmental regulations and laws unless the lack of noncompliance is stated, I defined and considered in the appraisal report. 8) It is assumed that all applicable zoning and use regulations and restrictions have been 1 complied with, unless a nonconformity has been stated, defined and considered in the appraisal report. 9) Possession of this report, or a copy thereof, does not carry with it the right of publication. I It may not be used for any purpose by any person other than the party to whom it is addressed without the written consent of the appraisers, and in any event it may be used only with proper written qualification and only in its entirety. I 10) The appraisers herein by reason of this appraisal are not required to give further consultation or testimony or be in attendance in court with reference to the property in 1 question unless arrangements have been previously made. 11) Neither all nor any part of the contents of this report (especially any conclusions as to I value, the identity of the appraisers, or the firm with which the appraisers are connected) shall be disseminated to the public through advertising, public through advertising, public relations, news, sales, or other media without the prior written consent and I approval of the appraisers. 1 1 1 EXTRAORDINARY ASSUMPTIONS 12) Unless otherwise stated in this report, the existence of hazardous materials, which may or may not be present on the property, was not observed by the appraisers. The appraisers have no knowledge of the existence of such materials on or in the property. The appraisers, however, are not qualified to detect such substances. The presence of substances such as asbestos, ureaformaldehyde foam insulation, and other potentially hazardous materials may affect the value of the property. The value estimate is predicated on the assumption that there is not such material on or in the property that would cause a loss in value. No responsibility is assumed for such conditions or for any ' expertise or engineering knowledge required to discover them. The client is urged to retain an expert in the field, if desired. I 13) It is assumed that no adverse easements or restrictions exist, which may have a negative impact upon the property value. In the event that such easements or restrictions later prove to exist, the value estimate would be subject to review. 1 14) Information, estimates and opinions furnished to the appraisers and contained in this appraisal report were obtained sources considered reliable and are believed to be true and accurate. However, no responsibility for accuracy for such items furnished can be assumed by the appraisers. 15) Sales data and information regarding land comparables were gathered from public records, sales services, and other sources. This information is assumed to be accurate and correct. 1 i 1 ' 2 1 ADDITIONAL ASSUMPTIONS AND LIMITING CONDITIONS 1 1. This appraisal did not include a Phase 1 environmental audit. I d relied upon in this report where obtained from parties with an 2. Some of the facts used and p p p 1 interest in the property. The information is assumed to be correct. 1 1 1 1 1 1 1 1 1 1 1 1 1 1 3 1 1 DEFINITION OF VALUE AND PROPERTY RIGHTS 1 DEFINITION OF MARKET VALUE The most probable price in which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of sale as of a specified date and the passing of the title from seller to buyer under conditions whereby: a. Buyer and seller are typically motivated; b. Both parties are well informed or well advised, and acting in what they consider their own best interests; c. A reasonable time is allowed for exposure on the open market. d. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and, e. The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. DEFINITION OF FEE SIMPLE ESTATE The property rights appraised herein as the fee simple estate. Fee simple estate is defined as an absolute ownership unencumbered by any other interests or estate, subject only to the limitations imposed by ' governmental powers of taxation, eminent domain, police power, and escheat.l DEFINITION OF LEASED FEE ESTATE ' A leased fee estate is an ownership interest held by a landlord with specified rights that include the right of use and occupancy conveyed by lease to others; the rights of lessor (the leased fee owner) and lessee (leaseholder) are specified by contract terms contained within the lease. DEFINITION OF HIGHEST AND BEST USE "The reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value. " 1 1 Appraisal Institute, The Appraisal of Real Estate, 11'" Edition, (Chicago: Appraisal Institute, 1996), page 137 2 Appraisal Institute, The Appraisal of Real Estate, 11 Edition, (Chicago: Appraisal Institute, 1996), page 138 3 Appraisal Institute, The Appraisal of Real Estate, 1 1th Edition, (Chicago: Appraisal Institute, 1996), page 50 ' 4 1 LOCATION MAPS ,` r ,� . . -�„ ___ F . _ mss. __ — _ 5 r 3 19 ;. Lake Hahn m_ /.... a. Oianga City t i . .•z ■ i an a9ix� K` •Dehone s ,x Pi © '' 1 w gp L ® SUBJECT PROPERTY . 1 a{ E i6 i' < 1 1 1 S 11;t. ' . • t":"*....;; ', Nt)riit - r elk � ... ® . t Non Part( `• �` III ft 000 use subpd to Wease. 02004 001.000. 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Shed Atlas USA02005. 040 2623 w w 4ebnre.cxn MN (S S W) Ma Zoom 13-0 1 1 1 1 5 1 PARCEL SKETCH 25 , (NST 1 1211 2 6.0 1210 2 7 1209 - 2 1 i.0 3 8.A8___.8.0 3 8 8.0 3 1.E 4 8 4 8 4.0 4 1 1.g 110 5 10 g 10 I 5 1.F 4.H II w 1TTh S T 7 w rr sr 1.O .A _ s 1 1$ 1 ' r 7 2 7 2 3.a 1310 �.o u, 2.E 27H' 3 :E.' `` 8 3 ' 11 3.A 8 3 1 Q N 1 2.B m e 7, $.D 4.0 10 8.0 2.0 2.D 10 5 10 5 - 1 W r:T" 3Y W -211-4 ST f. Zie 44.x � . 14116.A 1 8 1410 1 1409 %, i.0 7.A 1.0 8.0 1.0 *'' 7 2 > 7.0 2 7 2 - J J 19 16 1 21 20 17 16 1 71111111111111M111111111 _ 2 1 , W '3TF£ St • .... 1 PIy l' I i Seminole COI! niy Properly Appraoer .CopyryhiIC)200o-20 1 1 1 1 1 1 6 1 1 SUBJECT PROPERTY PHOTOGRAPHS I y: '....4.-''..''' :. ; 4, ,. • I 1 1 1 1. A northerly view of the subject property along W8. 13 Street. 1 ' Photograph taken on January 14, 2008 r • 1 • y' I.•. I 2. A southerly view of the subject property from the southern terminus of Cedar Avenue. Photograph taken on January 14, 2008 1 7 1 1 SUBJECT PROPERTY PHOTOGRAPHS (CONTINUED) 1 1 1 3. A southerly view of the subject property from W. 11 Street. Photograph taken on January 14, 2008 1 w i i i! L 4. A street scene facing east from W. 13 Street. Photograph taken on January 14, 2008 1 8 1 SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS PROPERTY TYPE: Vacant Commercial parcel in the City of Sanford ' LOCATION: The site is located along the north side of W. 13 Street, south side of W. 11 Street, and the east side and southern terminus of Cedar Avenue. 1 SITE DESCRIPTION: The site is an irregular shaped parcel that contains approximately 2.328 acres or 101,421 square feet. The ' site includes tax parcel numbers 25-19-30 -5AG -1311- 0060, 25- 19- 30- 5AG -1411 -0060, 36-19-30- 512 -0000- 0020, 36- 19 -30- 300 - 0170 -0000, 36-19-30- 300 -0160- 0000, and 25- 19- 30- 5AG - 1411 -006A. The site has 1 frontage along the north side of W. 13 Street, south side of W. 11 Street, and the east side and southern terminus of Cedar Avenue. The site is located in flood zone X, an area of minimal flooding. IMPROVEMENT DESCRIPTION: The site is unimproved. ZONING & GC -2, General Commercial by the City of Sanford (Tax ' FUTURE LAND USE: Parcel Numbers 25- 19- 30- 5AG -1411 -0060, 36- 19 -30- 512- 0000 -0020, 36- 19 -30- 300 - 0170 -0000, 36- 19 -30- 300- 0160 -0000, and 25 -19 -30 -5AG- 1411 -006A) & MR- 1 2, Multiple Family Residential by the City of Sanford (Tax Parcel Number 25- 19- 30- 5AG -1311- 0060). The Future Land Use for the site is General Commercial (Tax Parcel Numbers 25 -19 -30 -5AG- 1411 -0060, 36 -19- 30 -512- 0000 -0020, 36- 19 -30- 300 - 0170 -0000, 36- 19 -30- 300- 0160 -0000, and 25 -19 -30 -5AG- 1411 -006A) and ' Medium Density Residential 15 (Tax Parcel Number 25- 19-30- 5AG -1311- 0060). HIGHEST AND BEST USE: "As Vacant ": Commercial Development PROPERTY RIGHTS APPRAISED: Fee Simple Estate 1 DATE(S) OF VALUE: January 14, 2008 DATE OF REPORT: January 21, 2008 FINAL VALUE ESTIMATE(S): $405,000 Market Value of Fee Simple Estate as of January 14, 2008 9 1 1 FACTUAL DATA PURPOSE OF THE APPRAISAL 1 The purpose of the appraisal assignment was to estimate the market value of the fee simple interest of subject property. 1 INTENDED USE OF THE APPRAISAL The intended use of the appraisal report is for the client's use for decision - making purposes and evaluation by the City of Sanford. ' DATE OF VALUE ESTIMATE The valuation date is the date of my inspection, January 14, 2008. 1 IDENTIFICATION OF PROPERTY RIGHTS APPRAISED The property rights appraised in this report are fee simple estate. IDENTIFICATION OF OTHER RIGHTS INVOLVED ' There are no other rights involved for this appraisal assignment. 1 LEGAL DESCRIPTION The legal description of the subject property is contained in the last instrument of conveyance deed in the exhibits section. HISTORY The subject property is owned by the City of Sanford. The City of Sanford acquired the property ' from Mamie Ruthe McReynolds and Laurene Worth in August of 2000 for $100,000 via a personal representative's distributive deed. There are no known arm's length transactions in the past 5 years. 1 1 1 1 10 1 1 SCOPE OF THE APPRAISAL The scope of the appraisal refers to the extent of the process in which data is collected, confirmed and reported. The scope must follow the guidelines as set forth in the Uniform Standards of 1 Professional Appraisal Practice (USPAP). The scope of the assignment is to estimate the value of the aforementioned 2.328 acre site. Typically, in the appraisal process, consideration is given to three (3) approaches to value: the Cost Approach, the Sales Comparison Approach, and the Income Capitalization Approach. Since the subject property is vacant, I will not be using the Income Approach or the Cost ' Approach as they are not appropriate in this appraisal. The type of property being appraised is a vacant commercial parcel. The date of the last inspection is January 14, 2008. I researched the Sanford area over the last four years to find sales transactions for comparable vacant commercial land use parcels. I have researched active listings of properties for sale and current offers. I have researched the public records, spoke with various brokers, owners, and property managers to collect the necessary data to support my value estimate. I have confirmed and analyzed the data and compared the information to the subject property and adjusted for dissimilarities. In my research I was able to determine that there has been an increasing demand for vacant parcels similar to the subject property in the area. Finally, I reviewed the Market Approach to value and considered the quality and quantity of the data. The final value estimate is the result of the reconciliation of the approaches. COMPETENCY PROVISION I have prepared appraisal and market analysis reports for properties similar to the subject property over the last five years. Therefore, I have adequate knowledge and experience in accepting and completing this assignment. 1 1 1 ' 11 1 NEIGHBORHOOD MAP 1 , i `, i 1ohn ;'giver -• es r , ?4stor Farm s Book it , { z j _ - s .1'.43.1;17r: 11 ` i _ Y -�; ( ' _ r r Yaw : 1 i ° x A il ' ° IFI 'J . �. . � m€rC ew U Sala S Se 4 4 Sy C ° 415 Sylvan Lake a U ° - !. , . - t, a =per I _ 4 4 —_ ^ 4 ; }�2 �'� 'Ri Paola ' Ra�r wood M idway y 3»k i Yab I�bes t € ! � d� n r d r_ , i too • 6e0V lam' i t 0 .Y � T 1 ',` � t i t " , `71--"', ,., x• -1. PSt'� t_k, , 1 r ' r y -- a r Lett , • t1eld#a1 J —1' tt#+• � •, !p P lYSIPa € , . Greenbriae W g -' 9 - .13. • ' f f t 4- R Cbe't T ' � lake -Mary " . r ipke I 1 ..� Wi t.. ° _, �- -.A. •.. ,,. ,.j - .. _ 1 4 -- 3 Fide t, h' .,:-......i.,4:4;.,:. , . G: r d • �� � X 17 _ . - es ( t ;< oca Hammock jidarl Bed I NEIGHBORHOOD BOUNDARIES I The boundaries of the neighborhood are considered to be those properties south of Lake Monroe, east of Interstate -4, and north of Lake Mary Boulevard in the City of Sanford and Seminole County. The overall neighborhood is composed of mixed commercial and multi - family I development together with older residential developments. The neighborhood is approximately 95% built -up at this time. I TRANSPORTATION LINKAGES The neighborhood is considered to have good transportation features. The northern boundary of I the subject neighborhood is Seminole Boulevard, which merges into Highway 17 -92. State Road 46 is a four -lane asphalt paved roadway that provides the neighborhood access to Interstate -4. I Interstate -4 is a four /six -lane interstate that is a major thoroughfare in the Orlando Metropolitan Area. The remaining roads in the neighborhood are minor arterials that are all paved. Sanford Airport provides scheduled and charter service to numerous points in the US. Northwest of the I subject is an Amtrak facility providing rail passenger service to cities on the eastern seaboard. 12 1 1 PUBLIC SERVICES ' Availability By Water City of Sanford ' Sewer City of Sanford Electric Florida Power & Light Telephone Embarq 1 Police City of Sanford Fire City of Sanford t GENERAL DISCUSSION ' The neighborhood to the east and north is characterized by municipal and governmental buildings together with the old town retail district all situated on the south shore of Lake Monroe. The neighborhood abuts the Downtown Historic District identified by the City in its planning function as an area characterized by renovation and adaptive re -use of district assets. The subject property is situated just west of U.S. 17 -92. This area of U.S. 17 -92 is characterized ' by predominantly older commercial uses. The present uses adjacent to the subject property include old single family residential to the north and west, a large industrial warehouse to the south, and older commercial uses to the east. The CSX railroad runs just northeast of the subject property. The majority of the uses along W. 13 Street are older commercial establishments. The Seminole Town Center Mall, along with many commercial developments, are located in the western portion of the neighborhood, along the east -west corridor of SR 46. The Sanford Airport is a rapidly growing aviation asset with scheduled and charter airline service as well as ' considerable general aviation traffic. Further southwest is the booming Lake Mary area with its extensive office development. This area has seen broad -based development over the last few years. The development in the area continues to impact the neighborhood in a positive manner. t The revitalization of Sanford's historic downtown (90% of these buildings in the downtown core built before 1926 are still in existence). Over $100 million worth of projects are planned or ' underway in the downtown core including nearly $15 million in public infrastructure projects. A number of exceptional mixed use office, residential and retail projects are currently breaking ground in the downtown area offering unique development opportunities. ' The City of Sanford is making an effort to maintain a historic downtown, along with maintaining and encouraging public access to the St. Johns River and Lake Monroe. The City is focusing on some of the more important streets of downtown. The City is spending $1.6 million on the Historic First Street Streetscape Project. This is a renovation of First Street from Oak Avenue to Sanford Avenue. The Riverwalk project was an investment to enhance the Lake Monroe amenity for Downtown Sanford. Phase one of this project began at Mellonville Avenue, extending west along the Lake 1 Monroe Shoreline to the juncture of French Avenue. The second phase began from French Avenue and extended west to Interstate -4. This phase was more challenging due to the increase of the slope in this area. The third phase, continued westward past Interstate -4. The city has 1 13 1 completed the award - winning Riverwalk project. The Riverwalk project was an attempt to encourage residential development along with mix -use development in the downtown area and along the waterfront. A private investor developed the I Gateway at Riverwalk Project. This was a mixed -use project, which includes 42,835 square feet of commercial space along with 55 residential units. 1 There are a number of learning institutions conveniently located nearby the W. 13 Street corridor including Northeast Cluster Elementary, for grades one through five, Markham Woods Middle School, for grades six through eight, Seminole High School, for grades nine through 1 twelve, and Seminole Community College is located just south of the subject neighborhood. SUMMARY I The Downtown area is a pleasant cityscape. The surrounding area is undergoing adaptive re -use I and much effort has gone in to planning for anticipated development capitalizing on the scenic and historic assets of the neighborhood. The increase in demand for commercial property has increased due to the recent expansion of the Orlando Sanford Airport and proximity to heavily I traveled U.S. 17 -92. 1 1 1 1 1 1 II 1 1 1 1 14 1 PARCEL SKETCH 1 1211 2 ° 1 7 12 2 7 1 2 0 ' 9 - 2 - 1 25 �r +a r H s r = �� �� L I 3 ,..c 8 .Ag 8.0 3 & 8.0 MI .E _ 4.0 4 10 5 10 I 5 1 1 ,.B 5 _ .F f.H 1.0 W V Sr 1 1E -, !rH 3r \3.0 1 7 A _, 1 1309 1 2.A m 7 2 a 1310 a 7 1.0 2 W U M O s 27H J Q 1 2.E > '' 1 11 3.A 8 3 _ 1 m 9 8.0 4.0 4 2.B 10 8.0 II 10 _ 5 10 5 2.a 6. '2TH 57 W X11+' S1 14116.A 6 1410 1 6 1 ' ` i .0 7.A 16_ 1.0 1409/.0 .11 7 27N 6.0 III 1 7 a 7.0 7 2 O 1 ►1 ' ` 20 17 16 a 111111111111111111111111 . I 1 2 I w <srr sr 1 1 MP,- Mir 4 I Seminole CouMyProperiy h topyrghiiC]2DOa20 r 1 1 1 1 1 1 I 15 1 SITE DATA According to the Eleventh Edition of The Appraisal of Real Estate, the primary objective of the land or site analysis is to gather data that will indicate the highest and best use of the land, or site as though vacant, so the land value can be estimated in terms of that use. Whether a site or raw land is being valued, the appraiser must determine and evaluate its highest and best use. The following is a discussion of the physical attributes of the subject site. LOCATION ' The site is located along the north side of W. 13 Street, south side of W. 11 Street, and the east side and southern terminus of Cedar Avenue in the City of Sanford, Florida. 1 AREA ' The total area is approximately 2.328 acres or 101,421 square feet. SHAPE The property is irregular in shape. The shape does not have an effect on the developable area. The parcel sketch on the previous page will aid in the visualization of the subject site. 1 INGRESS/EGRESS Access to the site is provided by frontage along the north side of W. 13 Street, the south side of W. 11 Street, and the east side and southern terminus of Cedar Avenue. 1 TOPOGRAPHY ' The property is generally level and at road grade. FLOOD PLAIN DATA 1 According to the Federal Emergency Management Agencies National Flood Insurance Program, Flood Insurance Rate Map #12117C 0070 F, effective date September 28, 2007, subject property lies within flood zone X, an area of minimal flooding. DRAINAGE The subject property appears to have adequate drainage capabilities. 1 SURROUNDING LAND USES Land uses that surround the subject property include improved single family residential to the 1 north and west, improved commercial to the east, west and south. 1 16 UTILITIES 1 The subject property has all utilities. The following provides the utilities: ' Availability By Water City of Sanford Sewer City of Sanford ' Electric Florida Power & Light Telephone Embarq Police City of Sanford Fire City of Sanford The subject property has all utilities available including telephone, electricity, water and sewer. ' There are water and sewer lines located along W. 13 Street, Cedar Avenue and Holly Avenue. However, it should be noted that the water line located along Cedar Avenue is only 2 inches in diameter. This is an older line that has limited capacity. Also, according to Richard Blake at the City of Sanford Utility Department, tax parcel number 25- 19- 30 -5AG- 1411 -006A, of the subject site, has no access to water service. Since the water service for the remaining portion of the site can be obtained from W. 13 Street and Cedar Avenue this should have no effect on the future development of the site. ' EASEMENTS, ENCROACHMENTS AND RESTRICTIONS None noted except for normal utility and drainage easements. 1 STREET IMPROVEMENTS ' W. 13 Street is two -lane, asphalt paved roadway with no turn lanes and concrete curbing at the subject's location. There is a concrete sidewalk that runs along the north side of the roadway. W. 11 Street and Cedar Avenue are two -lane, asphalt paved roadways with no turn lanes and no concrete curbing at the subject location. SOILS ' The soil and subsoil conditions of the subject property appear to be adequate for the present improvements and could be described as well drained. A physical surface inspection of the subject site was made and no soil or subsoil problems were apparent. ' SITE DATA CONCLUSION The site appears to have adequate size, shape, and drainage to develop to its highest and best use. 1 1 1 17 ZONING/FUTURE LAND USE ' The southernmost portion of the subject (Tax Parcel Numbers 25- 19- 30 -5AG- 1411 -0060 at 15,352 square feet, 36 -19 -30 -512- 0000 -0020 at 11,480 square feet, 36- 19 -30- 300 - 0170 -0000 at ' 14,140 square feet, 36- 19 -30- 300 - 0160 -0000 at 12,040 square feet, and 25-19-30- 5AG -1411- 006A at 13,440 square feet) is zoned GC -2, General Commercial by the City of Sanford. The ' northernmost portion of the subject (Tax Parcel Number 25 -19 -30 -5AG- 1311 -0060 at 34,969 square feet) is zoned MR -2, Multiple Family Residential by the City of Sanford. The FUTURE LAND USE MAP for the City of Sanford indicates the southernmost five parcels of the subject for General Commercial and the northernmost parcel for Medium Density Residential 15. 1 There are older residential uses to the north and west. There are commercial land uses to the east, south and west of the subject property. The northernmost portion of the subject has a zoning of MR -2, Multifamily Residential and future land use of Medium Density Residential. 1 The remaining southern 1.525 acres abutting W. 13 Street are zoned GC -2, General Commercial with a future land use of General Commercial. All of the properties west of U.S. ' 17 -92 along the north side of W. 13 Street have a future land use of General Commercial. According to Christopher Smith, Project Manager at the City of Sanford Planning and Development Services Department, it is probable that they could have the zoning changed from ' MR -2 to GC -2. They must apply for this change. Given this information, a commercial use for the entire site would be the most likely. 1 ' 18 1 GROWTH MANAGEMENT I The State of Florida has enacted rowth management governments s ement laws that require local rnments to g g q g establish a long -term growth management plan and provide for concurrency management. The 1 local governments must establish future land use plans that are binding and, in some cases, supercede existing zoning. Their plans must be updated on a periodic basis. The items of major concern are roads, utilities, schools, fire, police, libraries, and parks. I The effect of concurrency on the value of real roe for appraisal purposes is of significant Y property rtY pp p� g concern, at this time, to buyers and sellers of real estate, developers, governmental agencies, and 1 lending institutions. I The impact of concurrency of a specific project must be analyzed on a case -by -case basis. Government agencies that have been contacted concerning their stand on concurrency are tending to provide a formal procedure, including application fees, to make determinations of I requirements that will be required by the various government regulator departments. The results of such formal application and a formal written commitment by the government I agency regarding the property only becomes a firm commitment upon payment of impact fees for the proposed project within a relatively short period of time from the issuance of committed requirements by those government agencies. Without payment of the required impact fees, such ' approved requirements become invalid within a very short period of time and cannot be relied upon. 1 Therefore, from an appraisal standpoint, it would only be possible to address major consideration of sufficiency with regard to concurrency impact, but specific requirements relative to each individual property will be a limiting condition of the appraisal report. 1 1 1 I 1 1 19 1 1 1 TAXES, AD VALOREM ASSESSMENT Seminole County assesses the subject. The assessment and taxes are based on the following six tax parcel numbers. The parcel's are owned by the City of Sanford and are exempt from 1 taxation. Folio # 25- 19- 30 -5AG- 1311 -0060 ' 25 -19 -30 -5AG- 1411 -0060 36-19-30-512-0000-0020 36-19-30-300-0170-0000 1 36- 19 -30- 300 - 0160 -0000 25- 19 -30- 5AG - 1411 -006A ' Assessment: Land: $275,457 Improvements/Extra Features: $0 1 Total Assessment: $275,457 1 CENSUS TRACT ' The subject property is located within a portion of the census tract 203.01, according to the 2000 census. 1 1 1 1 1 1 1 1 1 20 1 DESCRIPTION OF THE IMPROVEMENTS The site is vacant. 1 ,1 1 1 ' 21 1 1 HIGHEST AND BEST USE ANALYSIS I The Highest and Best Use is defined in the Definitions Section. The definition applies g pp specifically to the highest and best use of land. It is to be recognized that in cases where a site 1 has existing improvements on it, the highest and best use may very well be determined to be different from the existing use. The existing use will continue however, unless and until land value in its highest and best use, exceeds the total value of the property in its existing use. I Implied within these definitions is recognition of the contribution of that specific use to 1 community environment and to community development goals in addition to wealth maximization. Also implied is that the determination of highest and best use results from the Appraiser's judgment and analytical skill, i.e., that the use determined from analysis represents an opinion, not a fact to be found. In appraisal practice, the concept of highest and best use represents the premise upon which value is based. In the context of most probable selling price (market value) another appropriate term to reflect highest and best use would be the most probable use. In the context of investment value, an alternative form would be the most profitable use. 1 In estimating the highest and best use of the subject property, I have considered those uses that are legally permissible, physically possible, financially feasible, and maximally productive, and which would result in the highest positive return to the land. Consideration was given to the 1 individual features of the land such as zoning, size, shape, location and access. I also considered the surrounding land uses and the demand for property in the current real estate market. 1 In order to fully apply this definition, an extensive study of the economics of the legally permissible land uses for the subject property would be required. Such a study is beyond the scope of this appraisal. Therefore, the highest and best use of the subject property can only be 1 approximated within the context of the conditions and facts available at this time. I 1 1 1 1 1 1 1 22 1 1 HIGHEST AND BEST USE, "AS VACANT" ' Physical Possible: I Size, shape, area, soils, access, utilities, and topography affect the uses to which a site may be physically developed. Sites with irregular shapes, poor access, or lack of available utilities may cost more to develop, all other things being equal. I The subject property contains 2.328 acres. The site is irregular in shape, and level. The site has frontage along the north side of W. 13 Street, south side of W. 11 Street, and the east side and 1 southern terminus of Cedar Avenue. The property has good access and all utilities are available. The site is vacant. The site is located in flood zone X, an area of minimal flooding. The surrounding land uses are improved older single family residential to the north and west, and I improved commercial to the east, south, and west. II Based on the physical considerations, the site could be developed with a variety of uses restricted only by size. I Legally Permissible: After considering those uses that are physically possible, the uses that are legally permissible are I considered. Present zoning or future rezoning, if such is determined to be probable, would be considered. A change in zoning would only be considered if there was evidence that it was reasonably probable. I The southernmost portion of the subject property is zoned GC -2, General Commercial by the City of Sanford and the northernmost parcel MR -2, Multiple Family Residential by the City of I Sanford. The Future Land Use Map for the City of Sanford indicates the southernmost portion of the subject for General Commercial and the northernmost portion for Medium Density Residential. I There are older residential uses to the north and west. There are commercial land uses to the east, south and west of the subject property. All of the properties west of U.S. 17 -92 along the I north side of W. 13 Street have a future land use of General Commercial. According to the City of Sanford, it would be possible to get a general commercial zoning. ' Therefore, the site can be legally used for a variety of commercial uses. This is consistent with the uses that are physically possible. r 1 1 23 1 1 Financially Feasible: I The next analysis involves consideration of those uses that have been determined to be physically possible and legally permissible to determine which are financially feasible. Financial feasibility 1 reflects the overall return to the property. Given the surrounding properties, it was anticipated that the most economically feasible use of the site would be for a commercial use. 1 Therefore, a commercial use would be the most financially feasible use of the subject site. Maximally Productive: 1 We have considered from among the uses outlined above, those uses that would return the highest net present value to the land. In estimating the maximally productive use, the uses under I Financially Feasible were considered. As indicated above, the most economically feasible, legally permissible, and physically suitable use for the subject parcel would likely be for a 1 commercial use. Conclusion As If Vacant 1 Based on the preceding analysis, and considering the legal, physical and financial factors that influence the highest and best use of the subject, it is my opinion that the highest and best use of 1 the subject is for a commercial use. CONCLUSION 1 The highest and best use of the roe is a commercial use. g property rtY 1 1 1 1 1 1 1 1 24 1 1 1 MARKETING PERIOD I As discussed in the Orlando Metropolitan Area Data, the commercial and industrial facets of the real estate market are stable. It is becoming more and more difficult to find good commercial I property at a reasonable price in the area. When analyzing the marketing period for the subject property, the demand must first be I analyzed. Based on discussions with various buyers, sellers, and brokers, the typical purchaser of the subject property would be for a commercial use. 1 In estimating the marketing period, I also reviewed the supply of competing commercial type properties. As mentioned, due to the somewhat healthy real estate market in the area, similar U properties are difficult to find. Discussions with various brokers in the area indicate that the typical marketing period is from 3 months to 9 months depending on how close to the market value the property is marketed. The typical period would be 6 months. 1 1 1 1 1 1 1 1 1 1 1 1 25 1 1 APPRAISAL PROCESS I The appraisal process is an orderly investigative procedure wherein data is acquired, classified, analyzed and then processed into value indications. There are three traditional approaches 1 normally used by appraisers: the Cost Approach, the Sales Comparison Approach, and the Income Capitalization Approach. The basis for all three approaches is the principle of substitution, which states that a reasonable person would not be willing to pay more for a I property than the current cost of buying the site, and constructing similar improvements, nor would he rent or buy the property and pay more for one of a similar utility. In theory, all three approaches are designed to provide an estimation of market value, as of a specific date. 1 Since the subject is vacant, I will not apply the Income Approach or the Cost Approach. I will be using the Sales Comparison Approach to arrive at a land value. 1 1 1 1 1 1 1 1 1 1 26 1 1 LAND VALUATION I f comparable sales. The sales were chosen for In this approach to value, I have analyzed four (4 ) co parab I their similar highest and best uses, and are considered to be comparable in some respect to the subject. The unadjusted sales prices range from $3.68 per square foot upward to $4.37 per square foot. The sales occurred between June of 2006 and November of 2006. 1 For each sale, the sales price was obtained, along with the date of sale, conditions of sale, financing, zoning, and physical characteristics. I have considered market conditions and time 1 adjustments when trying to estimate the land value for the subject property. A land sales summary table is shown on the following page. Following it is a discussion of I adjustments and a summary of each of the sales. The complete data sheet for each sale is located in the exhibits section. 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 27 1 1 LAND SALES SUMMARY ,._. , ` , ��:x A Location W. 13th Street SS W. 5th St WS Ai sort Blvd SWC Old Lk Ma A SS W. 25th St Sanford E WhiteCedar /S N Old Lk Ma /S &Coun C1Rd/Sn ES Lake B1 /Sn I Sale Price N/A $ 400,000 $ 600,000 $ 325,000 $ 450,000 Sale Date N/A Nov -06 Jul -06 Jun -06 SeI -06 Zoning FLU GC2 &MR2 /GC &MD A- 1/HIPD -TI PD &RC1/PD &G• C- 2 &A -1 /Com PUD/PD Size (AC) 2.328 2.497 3.15 1.89 2.5 I Size SF 101,421 108,750 137,214 82,328 108,900 Utilities Water &Sewer Water&Se stic Water &Se .tic Water &Sewer Water &Sewer Sha s e M5 Rectan l ular =ME= Gn.Rectan l ular larig2=3 I Offsite Retention No No No No No Price Per S . uare Foot $ 3.68 $ 4.37 $ 3.95 $4.13 MPARI : A, .yy : Pro a ert Ri l hts a l . Financin Conditions of Sale IMEME Market Conditions 0% 0% 0% 0% Location 0% -5% 0% 0% Ph sical Considerations 0% 5% -5% -5% Total Ad'ustment 0% 0% -5% -5% 1 Adjusted Price /SF $ 3.68 $ 4.37 $ 3.75 $ 3.92 27 4 2: - .:71a , tE ' > : vs Arithmetic Mean $ 4.03 $ 3.93 I Standard Deviation $ 0.25 $ 0.27 Index of Overall Compatibility 6.25% 6.82% Range: Minimum $ 3.68 $ 3.68 Maximum $ 4.37 $ 4.37 I Land Value Estimate 101,421 SF X $ 4.00 /SF = $ 405,684 Rounded to: $ 405,000 1 1 1 1 1 1 1 1 Discussion of Adjustments I The comparable land sales utilized have been analyzed for their varying degrees of comparability p Y �S' g g P tY and are similar to the subject property in some respects. Discussions with brokers active in the I marketplace, as well as owners, and other knowledgeable market participants, indicate that the unit value most applicable to similar tracts in the market area is sales price per square foot. 1 The following indicates the sequence of adjustments, which have been applied to the comparable sales. 1 - Property Rights Conveyed - Financing Terms 1 - Conditions of Sale Market Conditions (Time) - Location ' 1 - Physical Characteristics No adjustments were needed for property rights conveyed, or terms of financing. Several I judgment derived adjustments were allocated to the sales, based on the appraiser's experience and judgment. The table located at the beginning of this section shows the adjustments given to each land sale. The following is a discussion of the adjustments made for market conditions 1 (Time) then there is a brief discussion of each of the sales and the adjustments applied to each. I Market Conditions (Time) - The indicated sale prices vary. The demand has been fairly constant. All of the sales used have occurred within the last 18 months. Therefore, all of the comparable sales are similar to the subject with regard to market conditions (time). 1 Discussion of Sales I Vacant Land Sale No. SM6520 /0001 is located along the south side of W. 5 Street, east of S. White Cedar Road and west of Aero Lane in a portion of unincorporated Seminole County. The site is rectangular in shape and contains approximately 2.497 acres or 108,750 square feet. The 1 parcel sold in November of 2006 for $400,000 or $3.68 per square foot. This sale is similar to the subject based on its location. The sale is similar to the subject based on I physical characteristics. This sale has water and requires septic, while the subject has water and sewer. The sale is rectangular in shape, while the subject is irregular. The adjusted sales price is $3.68 per square foot. 1 Vacant Land Sale No. SM6423/1945 is located along the south side of W. 25 Street (County Road 46A), east side of Lake Boulevard and west side of Casa Verde Boulevard in a portion of 1 unincorporated Seminole County. The site is slightly irregular in shape and contains approximately 2.5 acres or 108,900 square feet. The parcel sold in September of 2006 for $450,000 or $4.13 per square foot. I This sale is similar to the subject based on its location. The sale is located along a second J g secondary I roadway in a developing commercial district with slightly superior exposure and traffic counts 29 1 when compared to the subject's location. However, since the sale does not have access to and I from W. 25 Street (County Road 46A), it is considered slightly inferior when compared to the subject's access. The sale is slightly superior to the subject based on physical characteristics. This sale is slightly irregular in shape, while the subject is irregular. Therefore, I have made a 1 5% downward adjustment. The adjusted sales price is $3.92 per square foot. Vacant Land Sale No. SM6317/0084 is located along the west side of Airport Boulevard 1 approximately 15 feet north of Old Lake Mary Road in a portion of unincorporated Seminole County. The site is irregular in shape and contains approximately 3.15 acres or 137,214 square feet. The parcel sold in July of 2006 for $600,000 or $4.37 per square foot. I This sale is slightly superior to the subject based on its location. The sale is located along g Y P subject g a I secondary roadway in a developing commercial district with slightly superior access, exposure and traffic counts when compared to the subject's location. Therefore, I have made a 5% downward adjustment. The sale is inferior to the subject based on physical characteristics. This I sale has water and requires septic, while the subject has water and sewer. Therefore, I have made a 5% upward adjustment. The adjusted sales price is $4.37 per square foot. ' Vacant Land Sale No. SM6297/1779 is located at the southwest corner of Old Lake Mary Road and Country Club Road in a portion of unincorporated Seminole County. The site is generally rectangular in shape and contains approximately 1.89 acres or 82,328 square feet. The parcel 1 sold in June of 2006 for $325,000 or $3.95 per square foot. This sale is similar to the subject based on its location. The sale is slightly superior to the subject based on physical characteristics. This sale is generally rectangular in shape, while the subject is irregular. Therefore, I have made a 5% downward adjustment. The adjusted sales price is $3.75 per square foot. CONCLUSION 1 The adjusted values range from $3.68 per square foot to $4.37 per square foot. I have placed equal weight on all of the comparable sales. Taking all factors into consideration, I have concluded a price per square foot of $4.00 for the subject site. The subject site contains ' approximately 2.328 acre or 101,421 square feet. The results are as follows: i 101,421 Square Feet X $4.00 /SF = $405,484 LAND VALUE ESTIMATE (ROUNDED), AS OF JANUARY 14, 2008 $405,000 1 1 30 1 1 EXHIBITS SECTION 1 Comparable Land Sales Last Instrument of Conveyance Deed Metropolitan Orlando Area Data Zoning Regulations Appraiser's Qualifications 1 1 1 1 1 • 1 1 1 1 1 1 31 1 1 EXHIBITS 1 1 1 1 1 1 1 1 1 1 1 1 1 1 COMPARABLE LAND SALES 1 1 1 1 1 1 i 1 1 1 1 1 1 VACANT LAND SALE NO. SM6520/0001 ' A Recording Data: O .R. Book 6520, Page 1, Seminole County, ) g � g � t3', FL 1 (B) Grantor: Jimmy Houston Sizemore, Bobby Rueben Sizemore, and Ruth Sizemore 1 (C) Grantee: Gloria Schneeman and Jonna Prutsman I (D) Date of Transaction: November 30, 2006 (E) Date Inspected: January 15, 2008 I (F) Dimensions and Size: Rectangular (Approximately 150' X 725' X 150' X 725'); 2.497 acres or 108,750 square feet (G) Consideration: $400,000 1 (H) Unit Price: $3.68 per square foot $160,192 per acre I Type of Instrument: Warranty O YP t3' Deed I (J) Tax I.D./Folio Number: 26- 19- 30 -5AE- 0300 -0000 (K) Location: The property is located on the south side of W. 5 Street, I east of S. White Cedar Road and west of Aero Lane in a portion of unincorporated Seminole County, Florida. The physical address is 3601 W. 5 Street, Sanford, Florida 32771. (L) Zoning/Land Use: A -1, Agricultural District, Seminole County/High Intensity 1 Planned Development - Target Industry (M) Present Use: Single Family Residence on Acreage I (N Highest hest and Best Use: Commercial 1 (0) Condition of Sale: Arms Length ' (P) Type of Financing: Cash to seller (Q) Encumbrances: There are no known easements or encroachments that would I adversely affect the development potential or purchase price of the ro e p p rtY• 1 1 1 VACANT LAND SALE NO. SM6520/0001 1 (R) Type of improvements: There is a 960 square foot single family residence built in 1978 on the site that does not contribute to the highest and best use. (S) Various on site utilities: Electricity, Telephone, Water and Septic 1 (T) Verification: With: Trish Curcija By: Mark McLearn Relationship: Listing Agent Date & Phone No.: 1/14/08 & (407)402 -1538 (U) Motivation of parties Grantor: To liquidate asset. Grantee: Purchased the site for future development with an industrial building for construction business. 1 (V) Analysis of pertinent information incl. cash equiv. Consideration: N/A ( W ) Exposure Time: Unavailable P 1 (X) No. of days on market: 18 days 1 (Y) Remarks: The site is rectangular in shape with approximately 150 feet of frontage along the south side of W. 5th Street. The residence will be demolished in the future prior to development of the site. However, the cost of the demolition is unknown. The site does not benefit from off site retention. 1 (Z) Parcel Sketch: See next page 1 1 1 1 1 VACANT LAND SALE NO. SM6520/0001 X7 re m - i w 0.1NER CIK a Vc o z� t _ is 1'oi > "TER A A hIfMEAgDH c m ae` - t 200 Um 0 kOr © © H �Ti o �> '- a F ` at nt ,1 A A < { Y w�ND ST 1 jm - g g RI�YST � � ( 1, m ; lg 4 -- P 31MTRCAWJ {� _.__ ... g V SA1652(1/0001 w < 1 g _ .. fan ? t ?+ �engrT m / ' , i w 1 �� V k` { 4' w l tS tttHa t c 1 fGI'_ � g r ifiADBIY AVE 14MST 7 � I d GAVENAFE _ — �q+- $ , ' t r F i _ � ,_ A j 1 . h . r d`» 0 ��� '''fff,,, �� •�`� a� i Nsw fdsala 8 'g i m s 4 p 1S Y g ww p OREGO1 AVE � I M�LEw�DD '.1.<'• � W 'VCf41 S T -- iY ( j- y�`-` - I A4L TREE U! L- , - , - , ' _.- m e,1 BtX014R CT DRIk PEBCDR _c. DR � - , > g - � , ' r>i5i i ., , �'r w? sr �: ._ UT_HCft I ' * n Data use subtect to license. q ■ ® 200e DeLorme. S5. Atha USfr72065. U 'MO 2000 river. octant com MN (5.5' 55) Data Zoom 13-0 1 1 1 1 1 1 1 1 1 1 1 1 VACANT LAND SALE NO. SM6520/0001 1 I 1 z 4800 -0000 1 02.0 1 16 17 010A-000 170B-1700-170A-0000 16 8 I 4 5.0 16.0 10 4 I 11 ., ; 1800-0000 1 18 rr 0400 -0000 2 15 1 1 17.0 4500 -0000 I 17 1800-0001 I I W f N Sf L11111111111.1111111111111111111■1 47.A 030A- 300- 1400-0000 1 2 111 I 0300 -0000 ' `;; 3 ffi ` 4q -1111 OfdL0P Sfillin.l ' 030E -0000 14 10 ill 1 1 32 130E -0000 030D- 440 -0000 1 m 190A-0000 0 1 0 400 -0000 4 300 -0000 13 1 , mirn Air-Ns pko,".• , u J L r . $ 5 S eminole Cou nt Pro rt - p . raiser- opyr% hi CJ 2001` i , Ammo I 1 1 1 1 1 1 1 1 VACANT LAND SALE NO. SM6520/0001 1 '''° -fir- ''" !p 1 ;a 1 tea, 1 i y a j f`f 11041C+. Photo taken by Mark McLearn on January 15, 2008 1 1 1 1 1 1 1 1 1 1 1 iir 1 HI 11 NI 11 i 1111 t* ifl 111 81 1 11li MRRYRN% MOR5E, CLERK OF CIRCUIT COURT I Prepzredb SENINULE COUNTY 13K 86520 Pgs 8001 - 51 (5pgt) Dame Berme;', an employee d CLERK S # 2006197453 Fitt American title Insurance Company RECORDED 12/15/2006 esteem RM 870 Sun Drive, Suite 1072 DEED DX TRX 2,835.08 I Like Mary, Florida 32745 RECURDIN[i FEES 40.08 (407)321-5 RECURDED BY t holden Return to: Grantee File No.: 2022.1.3 ': 1 WARRANTY DEED p I This indenture . n November 30, 2006 A.D., by Jimmy Houston ize or . individually and as Heir and Personal Representative and Bobby Reuben Sizemore uth Sizemore, both individually and as heirs to the Estate of Shirley I G. Edyvean whose address is: ,280 old -ge Road, Yadkinville, NC 27055 \ hereinafter called the "g .• ' 1 Gloria Schneeman and 3o'rr tsman whose address is: 3601 W 5th ford, FL 32771 I hereinafter called the "grantee ": (Which terms "Grantor" and 'Grantee" shall includ or plural, corporation or individual, and either sex, and stall include heirs, legal representatives, successors and assigns of the W itnesseth, that the grantor, for and in eration of the sum of Ten Dollars, ($10.00) and other I valuable considerations, receipt whereof i er acknowledged, hereby grants, bargains, sells, aliens, remises, releases, conveys and confirms u rantee, all that certain land situate in Seminole County, Florida, to -wit: The East 1/4 of Block 3 of M.M. Smith's Subdivi • - `,.ring to the Plat thereof as recorded in Plat I Book 1, Page(s) 55, of the Public Records of Sem' e y, Florida. Parcel Identification Number: 26- 19- 30- 5AE -03O" 4 4 I The land is not the homestead of the Grantor under the - d constitution of the State of Florida and neither the Grantor nor any person(s) for whose support t'-.- or 's responsible reside on or adjacent to the land, / I Subject to all reservations, covenants, conditions, restrictions and ments of record and to all applicable zoning ordinances and /or restrictions imposed by gove authorities, if any. 0) Page 1 of 3 2022 - 1331438 1 1 1 1 1 Book6520 /Page1 CFN #2006197453 1 1 1 Together with all the tenements, hereditaments and appurtenances thereto belonging or in any way appertaining 111 To Ha old, the same in fee simple forever. And the g ',- • ereby covenants with said grantee that the grantor is lawfully seized of said land in fee simple; tha : . r. tar has good right and lawful authority to sell and convey said land; that the granter 1 hereby fully the title to said land and will defend the same against the lawful claims of all persons whom-? • - nd that said land is free of all encumbrances except taxes accruing subsequent to December 31st 0.r .15. 0 I In Witness Wher .4 - .rantor has hereunto set their hand(s) and seal(s) the day and year first above written. -......../ • -. - - - •a' . 1 mmy • ouston Sizemor`' 4, Ru!n Sizemore 1 Signed, sealed and delivered in our ce.• c I Witness Signature . ignatu ` Print Name: �lo-.' r1.' t o c C-- � • p' N ame: i • . ; _ .1 I ler.0 0 1 Ofr , 1 (C)(„3-___)--- , 1 J �___-A cage 2 of 3 1 2022 - 1331438 1 1 1 1 1 Book6520/Page2 CFN #2006197453 1 1 State of / . County of NI Yap I Vll 1 The Foregoing Instrument Was Acknowledged before me on 11 - 2 1 - U , by Jimmy Houston Sizemore. Individually and as Heir and Personal Representative and Ruth Sizemore, individual! - d as heir to the Estate of Shirley G. Edyvean who is /are personally known to me or who has /h. • ..uced a valid driver's license as identification. NOTARY PUBLIC 1 - ELAINE NOIIR E PUBUC _ YADKIN COUNTY c ! t h0FtT}{ CAROLINA Notary Print Name V My •r wbn m ow zi� IWO, WO • My Commission Expires: s - `� - 2 U 9 1 1 ?� 0 G 1 1 ° \Th 1 1 Page 3 of 3 :022 - L331438 1 1 1 1 1 Book6520 /Page3 CFN #2006197453 1 1 Together with all the tenements, hereditamens and appurtenances thereto belonging or in any way appertainlna To Ha -r .c1. old, the same in fee simple forever. 1 And the g , J reby covenants with said grantee that the grantor is lawfully seized of said land in fee 4.000. simple; that : 'ter has good right and lawful authority to sell and convey said land; that the grantor I hereby fully . the title to said and and will defend the same against the lawful claims of all persons whom • - • nd that said land is free of all encumbrances except taxes accruing subsequent to December 31st • .. % 415. 0 I In Witness Whe - .2 , •=.... cantor has hereunto set their hand(s) and seal(s) the day and year first above written. Bobby y Reuben Sizernor (9 ) ".. 1 Signe , sealed and delivered in our pT• emce. iiJJ^^ CL I Witness Signature C-(7'") Witness Signature �-rt y "fin Print Name: All e P �Jea int Name: e �'+ '��r C 1 � 0 t C6(--/„.-- 1 Page 2 of 3 1 2022 - 1 331538 1 1 1 1 I Book6520 /Page4 CFN #2006197453 1 I State of `,,_y,— J c: ._,r_ County of C C`,`L',t : ,C■ ' Te• . . regoing Instrument Was Acknowledged before me on 1 \ •' 4 -C , by Bobby • ,; . Sizemore, individually and as heir to the Estate of Shirley G. Edyvean who Is /are to me or who has /have produced a valid driver's license as identification. r4! NOTARY PUBLIC :,._—) .: tS a TA 4 , ___,.., , r I - . Notary Print Name U 1.1 r , \J M y Commission Expires: `Z -E i l :,: 0 I t0J(�/ 1 C V I DD - - ' .- - ) \//</ ^ ry I 4 O 1 0 I C:6 6 ,--:-. \ .., 1 1 0 Page 3 of 3 2022 - t331438 1 1 1 1 1 Book6520 /Page5 CFN #2006197453 VACANT LAND SALE NO. SM6423/1945 (A) Recordin g Data: O.R. Book 6423, Page 1945, Seminole County, FL ' (B) Grantor: Charles W. Hardwick and Bernadette B. Hardwick i (C) Grantee: The Colony at Chase Grove, LLC (D) Date of Transaction: September 25, 2006 1 (E) Date Inspected: January 15, 2008 ' (F) Dimensions and Size: Slightly Irregular, see sketch; 2.5 acres or 108,900 square feet 1 (G) Consideration: $450,000 (H) Unit Price: $4.13 per square foot 1 $180,000 per acre ' (I) Type of Instrument: Warranty Deed (J) Tax I.D./Folio Number: 03 -20 -30 -501- 0300 -0000 t 03- 20 -30- 300 - 0100 -0000 03- 20 -30- 300 -001 L -0000 ' (K) Location: The property is located along the south side of W. 25 Street (County Road 46A), east side of Lake Boulevard and west side of Casa Verde Boulevard in a portion of ' unincorporated Seminole County, Florida. The physical address is 115 Lake Boulevard, Sanford, Florida 32773. (L) Zoning/Land Use: PUD, Planned Unit Development District, Seminole County/Planned Development 1 (M) Present Use: Dilapidated Single Family Residence on Acreage (N) Highest and Best Use: Commercial ' (0) Condition of Sale: Arms Length 1 (P) Type of Financing: Cash to seller 1 1 1 VACANT LAND SALE NO. SM6423/1945 111 (Q) Encumbrances: There are no known easements or encroachments that would adversely affect the development potential or purchase price 1 of the property. (R) Type of improvements: There is a 1,196 square foot dilapidated single family I residence built in 1961 on the site that does not contribute to the highest and best use. I (S) Various on site utilities: Electricity, Telephone, Water and Sewer (T) Verification: I With: Paul McComber By: Mark McLearn Relationship: Listing Agent I Date & Phone No.: 1/15/08 & (407)622 -2528 (U) Motivation of parties 1 Grantor: To liquidate asset. Grantee: Purchased the site to develop with townhomes. However, because of the current residential market is reconsidering 1 what to develop on the site. I (V) Analysis of pertinent information incl. cash equiv. Consideration: N/A 1 (W) Exposure Time: Unavailable (X) No. of days on market: 1,043 days 1 1 1 1 1 1 1 1 ' VACANT LAND SALE NO. SM6423/1945 ' (Y) Remarks: The site is slightly irregular in shape with frontage along the south side of W. 25 Street (County Road 46A), east side of ' Lake Boulevard, and west side of Casa Verde Boulevard. At the current time, there is only access by way of Lake Boulevard and Casa Verde Boulevard. According to the listing agent, access to and from W. 25 Street would ' require a permit from the county. ' The residence will be demolished in the future prior to development of the site. However, the cost of the demolition is unknown. The site does not benefit from off site retention. There is an existing retention area at the northeast corner of the site. According to the listing agent, this pond can be relocated to any area of the site as part of the development plan. ' (Z) Parcel Sketch: See page to follow 1 1 1 1 VACANT LAND SALE NO. SM6423/1945 — _- __._. ,' 17.`AOBIYINE �p'1HST L+ ,� wispf 9T Y� ]74f � �� Upq,U Rd �d' -- A, - 1; Wlb�(HPL ' r il ,,r Pj WAS Wer.na®w 8 ,,�� I�; i: �1 nlnlsl * ,e ` e w O > .. E1Tn1 e DUt i 1 a Eneat l . c i 1 ' 03 z ` .._.� � _ TA+L TR EE L !} .. �L�-` -I� .: � '~ �c W2044ST.. f la. i _ j 0i .W *T (f ' IdY' W?� 4. ._ 6 Rff NTCH�TF f � i°1e11r;° x� e � �' w sr .a L TAHOE s o I 1,i t >s - 'It' r o r C _ � 4 _ . r � ._.._ . _ _- SR - ! _ _ . t m ri -?7 3 „ �''_ HETHDMI PIQN,Y M.. a . � % 1? i � 1 _ " '.bt b SM6423/1945 ° o J Dr „, 9Po Sf s ' . - k �.- m a wmwo ld ' o S 7 i� TEMUrCE� I g� © "5 c 1 s� 9a ' 4 .t. ! .. /' •p " C�` RDGEWD - ' IL 1, ,' ' e A , it rt i r ReI R im AGE � ti w 3+ F o m v ES T y ` : N � •DELORM * ■ n Date use subject to license V . tl 2DDw DeLorme, Street Atha USA@2005. D 1003 AW W W W.Oelorme. Lem Mt 15.5' wt Data Zoom 13-0 1 i 1 1 1 1 1 1 1 1 1 1 1 VACANT LAND SALE NO. SM6423/1945 1 Vtl 2 r_ f l- S t .., 1 .„) 1 a, G JJ 1 r m M I— I 10 3 1 9L I 030 -0000 1 1 TR AA \\ \ 1 343 257 344 \ \342 All � 341 1 s mine4g"un tyProperiyAp raw er- Copyr4ihttC]211e- 3r 1 1 1 1 1 1 1 1 VACANT LAND SALE NO. SM6423/1945 1 1 - -___ 1 1 < n. 1 I 1 -sue' Photo taken by Mark McLearn on January 15, 2008 II 1 1 1 1 1 1 1 1 1 1 THIS INSTRUMENT PREPARED BY AND RETURN TO: awes A. Barks I James A. Barks, Attorney at Law 1 120 West First Street, Suite B Sanford, Florida 32771 Property Appraisers Parcel Identification (Folio) Numbers: 03 -20- 30.501 - 0300 -0000 Grantee SS: 03 -203 300 -0100 -0000 03- 20 -30- 300- 001L -0000 1 Space Above This Line For Recording Data ` THIS W • '. I. 'DEED, made th da C oSeptember, C W. HADWICK and I BERNADE ARDWICK HUSB AND WIFE, herein ca 2006 lled by [he Hg grantors, to THE R COLONY AT CHASE GRO a Florida limited liability company, whose post office address is 1053 Maitland Center Commons, Mai FL 32751, hereinafter called the Grantee: (Wherever used herein therQ. "grantor" and representatives and ass' "grantee" include all the parties to this instrument and the heirs. legal � individuals, arv! the sNccesson and assigns of corporations.? W 1 T N E S 5 E T a the grantors, for and in consideration of the sum of TEN AND 00 /100'S (SI0.00) Dollars and other valuable cons. ►► rations, receipt whereof is hereby acknowledged, hereby grants, bargains, sells, aliens, remises, releases, co •y'5-• confirms unto the grantee all that certain land situate in SEMINOLE County, State of Florida, viz.: -`� ' SEE EXHIBIT "A" ATTA�?ia"t , : ETO. Subject to easements and restrt:: •ns of record. TOGETHER, with all the tenements, and appurtenances thereto belonging appertaining. nbmg or in anywise TO HAVE AND TO HOLD, the same in fee s ir. vet. I AND, the grantors hereby covenant with said rant that the grantors have good right and lawful authori to coneys d l hereby warrant the titie I said land and will defend the same against the lawful cl Aa I all encumbrances, except taxes accruing subsequent to D r 005• whomsoever; and thaz said land is free o IN WITNESS WHEREOF, the said grantors have signed -sed these presents the day and year first above written. �� I Signed, sealed and delivered in the presence of O . 0 1.1° I i Witness 1 tgnazure ...oh - CHARLE '7 • +WICK i nte s A , 8 k g 112 South Cryotai 'ford. El. 32773 Witn - Oil PrintedNar e • irness #2 Signs are .J AL, ( . . :/ — — CK I BERNADETTE�B. " ICK ',� al At • + 1 i 2 South Crystal View. S . Witness #2 Printed Name ' I STATE OF FLORIDA COUNTY OF SEMINOLE The foregoing instrument was acknowledged before me this 22nd day of September, 2006 by CHARLES W. I HARDWICK and BERNADETTE B. HARDWICK who are personally known to me or have produced as identification. SEAL �. Notary • ublic ty 4 0 : hnin I !�as ma 8erks MRRYANE NORSE, CLERK OF CIRCUIT QOM QOM r \'41:1 My .r.ssunDD492dE3 CLEW DF SEIIINOLE COUNTY Printed Notary N : nncto I SR 06423 Pga !945 - 19461 (P,m) F ILE NUM aOO61 RECORDED 09/27/2006 10:35103 WI DEED DOC STRIPS 3, 190.00 RECORDINS FEES 18.50 I RECORDED AY t *NI nley File No: 05-2785 111 1111 N 111111111111 111111111111111110INIIIRMIll Book6423 /Page1945 CFN #2006155180 EXHIBIT "A" I That pan of Section 3, Townshi 20 I as follows: P South, Range 30 East, Seminole County, Florida, described I Commence at the Northeast corner of the Northwest 1/4 of Section 3, Township 20 South, Re 30 East, and run S. 00 0 13'45" E. along the East line of said Northwest 1 /4for a distance of ) 20.00 fe o the Southeast corner of lands described in Official Records Book 3122, Page 1138, of the Pu. • ecords of Seminole County, Florida, being on the Westerly line of Casa Verde Boul -, t a e POINT OF BEGINNING; thence continue S. 00 °13'45" E. along said right- of -way li •.r a distance of 150.82 feet to the oint of c Northeas . : v • P urvature of a curve concave Northeas - 0 �g a radius of 1188.16 feet and a central angle of 07 ° 38'05 "; thence run Soutbeaste A 411 the arc of said curve and said right -of -way line for a distance of 158.33 feet - to the North C. , er of Tract AA, CHASE GROVES UNIT 1, according to the Plat thereof, as recorded in Pl. Nit oak 4 Pages 24 through 28, of P the North � g d Public Records; thence run N. 89 °5749" W. along g of said Tract AA and the North line of CHASE GROVES UNIT 3, as I recorded in Plat Pages 48 and 49, of said Public Records for a distance of 2 thence run N. 00 ° 021 0.08 feet; line of lands descTibed in Oicial Records Book Page 926, of said Public R- - rds and the Southerly prolongation therreof for a distance of 228.55 ° feet to the Northeast co - - • said lands; thence nu' N. 89 °57'08' W. along the North line of said lands for a distance ` i; i, i feet to the Northwest comer thereof; thence run N. 00 ° 02'52" E. along the Easterly right -. of Lake Boulevard South ( an 80' w' distance of 80.00 feet to the So albresad Recomis right-of-way) 3122, Page for a 1 138; thence nun S. 89'57'49" L. alo the South line of said Official Records Book 3122 I 1138, for a distance of 393.06 feet �a POINT OF BEGINNING. ' Pd ° AND 0) 1 1 Beginning 170 feet South of the Northwe er of Block 3 of Bel -Air as I � , 6, Page 46, Public Records of Seminole a. Florida, sa recorded Plat f t h e id point being 200 feet South of the Township line between Townships 19 and 2:. :o o . hence run South 127.23 feet to the P.C. of a curve to the right having a central angle of 44° : , * ius of 280 feet, thence along said curve a 1 chord distance of 99.25 feet, thence East 402.5 .,� North 225 feet, thence West 385 feet to the point of beginning. II 0 1 i .t✓ 11 0 i X11' 1 1 1 . , Book6423IPage1946 CFN #2006155180 1 VACANT LAND SALE NO. SM6317/0084 I (A) Recording Data: O.R. Book 6317, Page 0084, Seminole County, FL 1 (B) Grantor: Belair Groves, Limited I (C) Grantee: Exchange Place, LLC (D) Date of Transaction: July 17, 2006 1 (E) Date Inspected: August 12, 2006 1 (F) Dimensions and Size: Irregular, see sketch; 137,214 square feet or 3.15 acres (G) Consideration: $600,000 I (H) Unit Price: $190,476 per acre $4.37 per square foot ' I Type of Instrument: Special Warranty Deed () YP P tY I (J) Tax I.D./Folio Number: 03- 20 -30- 300 - 0010 -0000 02-20-30-300-0320-0000 1 (K) Location: The property is located on the west side of Airport Blvd, approximately 15 feet north of Old Lake Mary Road, in the I City of Sanford and a portion of unincorporated Seminole County, Florida. I (L) Zoning/Land Use: PUD, Planned Unit Development, Seminole County/ PD (03-20-30-300-0010-0000) I RC -1, Restricted Commercial, City of Sanford / General Commercial (02- 20 -30- 300 - 0320 -0000) 1 (M) Present Use: The site is vacant (N) Highest and Best Use: Commercial I (0) Condition of Sale: Arms Length 1 (P) Type of Financing: Cash to seller 1 1 1 VACANT LAND SALE NO. SM6317/0084 I (Q) Encumbrances: There are no known easements or encroachments that would adversely affect the development potential or purchase price of the property. (R) Type of improvements: The site is vacant. 1 (S) Various on site utilities: Electricity, Telephone, and Water (Septic will be required) I (T) Verification: With: Paul Macomber By: Donald Oehlrich I Relationship: Broker Date & Phone No.: 8/16/06 & (407)622 -2528 I (U) Motivation of parties Grantor: To liquidate asset. Grantee: Purchased the site for future commercial development. I (V) Analysis of pertinent information incl. cash equiv. I Consideration: N/A I (W) Exposure Time: Unavailable (X) No. of days on market: 548 days 1 (Y) Remarks: The site is generally rectangular in shape with approximately 290 feet of frontage along the north side of Old Lake Mary Road and 580 feet of frontage along the west side of Airport Blvd. The site does not benefit from off site retention. (Z) Parcel Sketch: See next page 1 1 1 1 1 1 VACANT LAND SALE NO. SM6317/0084 1 - :/ , _ :r_... , a n h . H- , Ee■.:tupsaia - - Z ;j t t r £ a = =- I �, I li t � i Y ' !airs _ .._. I �r i e SM6317I0084� , C_._. x . r ; ; „� x �? # 7 s I i iI j 9 l Y / y • , c 'i RR t -- i g I eII a t ¢ j at 1 f ,0J 1 <,_ P°q ti . tL l � j 417., 1 ® a ell":—:” , , :: , 1 i - - ' , DeLt7Rf+tf= = ■ ∎ mi I Data use subject to license. I O 2004 DeLorme. Street Atlas USA® 2005. 0 /. /z % 1 www.delorme.com MN (5.4° Wj Data Zoom 12 -0 1 1 1 1 1 1 1 1 1 1 VACANT LAND SALE NO. SM6317/0084 I -C.- H -1' I IIIIIIIIIIIIIP E -2 F 1' t :_ .A -31 COMMON AREA' „ A-1 z E 1C 3 L4 E-3 . H i `F -1a SE -1 OCOO -000 °C00- 0000' TRACT A _ 1 COf -0000 I :-.,:' \ r 32I3 1 , { t� 1. N 4 ,~ 5 6 / X F- I r 111 t14± 4 1R \ \ I 1 1 1 1 1 1 1 1 r...:...r r�...�.. n.,.... —a.. w.......�.. _ r.....:., �� ire •win -avw 1 VACANT LAND SALE NO. SM6317/0084 1 1 1 . , , x - I '4, .at 1 & ter ` 3 , sv "+aNr P hoto taken by Donald Oehlrich on August 12, 2006 1 1 1 1 I 1 1 1 1 1 I mity,4 1 *1R:k., I.•EFIC 1 CI111.11;3 CillOr SMILE C1J1MTY I W 06.317 Pgs 008 — 861 300 CLERK'S 41 2 :n 1..lc'?`r'a35 P repared by and return to: RECORDED 07/07/2006 1112 AN Rick Allen Saturn EE ED Olt NO 4..7t:. Attorney at Law 1i1D1itl11NB O S 7t:. 1 Law ORlcea of Riin Saturn f By t hald Portland, S.E. Oregon ck Al 9721 Portland, Oregon 97214 503 -519 -000 File NOIrtiQ' 06070010 I Will Cal — _(Spam Above Lira Fnr Recording Data) —_ . 0 , o Special Warranty Deed 1 Th Spe � ' Panty Deed made dtis 7th day of July, 2006 between 6elair Groves, Limited, a Florida limi partner ip whose post office address is PO Box 458, Tangerine, Florida 32777, grantor, and Exchan ' e, LLC, a Florida limited liability company whose post office ardrau is PO I � Box 15361 Tells . o r i da 323 grantee: (Whenever used herein ' Ws grantor' and 'grantee include all the parties to Phis instrument and the heirs., legal . west, taives, and assigns of individuals, and the a censers and assigns of corporations. trusts and trustees) Witnesseth, that said ry h , for and in consideration of the sum of TEN AND NO'100 DOLLARS (S10.00) I -, ble considerations to said grantor in hand paid by said grannie. the receipt ceipt whereof er other good is hereby ac ' gad, has Battled. bargained, and sold to the said grantee, and grantee's heirs and assigns forever, ' 2::ivi described land, situate, lying and being in Seminole County, Florida to-wit: w I See Exhibit "A" attached # and made a part hereof as if fully set forth herein. Parcel Identification Num : 03- 20 -30- 300-0010 -0000 02- 20-30- 300 - 0320 -0000 1 Together with all the tenements, hered� and appurtrnances thereto belonging or in anywise appertaining, 1 To Have and to Hold, the same in fee simple 0 l r- And the grantor hereby covenants with said grant. ,._ tor is lawhilly seized of said land in fee simple; that the grantor has good right and lawful au tent • 1 and convey said land; that the grantor hereby fully warrants the title to said land and will defe'tr • e against the lawful claims of all persons 1 claiming by, through or under grantor; and that said land y yy.' all encumbrances, except taxes accruing subsequent to December 31, 2005, and easements and resfri j • of record, if any, the reference to which shall not operate to reimpose the same. O I In Witness Whereof, grantor has hereunto set grantor's han ••and day and year first above written. V I L\ •-s--' a 1 1 1 I 1 1 Book6317IPage84 CFN #2006109535 1 1 A Signed, sealed and delivered in our presence: Belair Groves, Limited I A Florida limited partnership By: BG Partners, LLC a Florida limited liability company , .. t1li!S.'1�!irO!.ad o N i i ' R. Chase Lasbury I . Member Manager / Witness a Sa ,l • 0 1 State of .e •.- County of nT•f� The foregoing instrument'yas sworn to and subscribed before me this . a day of July, 2006 by R. Chase asbury Me y of BG Partners, , general artn of ir Gro, , a ,f ' ride' mber partt � e [_] is perso LLC known as sole to be or [ p __ has er produced Bela a Driver ves s License Limited as I + ;dfic `� n mo o 1 ..r ,. ,,Wit)FA G. EL Nary Public 4 : / ' ' gt5iPilb[[C • State of 8 Printed Name: sf}�t(�21E �t ��� Pit � ' ��' � 'v.• •� CAAhdss+an Expires ,h�n6 0 ..e.ATti Y [p ; My C ommission Expires: \(wJ 4 l L,( 1 ., ,..‘ I : ., •..„ ,„- ..., ,,,,,,,,, ,,,, -,-; .,,, rn' I \e C Ne 1 1 (D) 4 ?" 1 C 1 1 1 . . 1 1 I 1 Book6317 /Page85 CFN #2006109535 1 1 1 EXHIBIT "A" 1 A •V. • •? LAND LYING IN SECTION 2, TOWNSHIP 20 SOUTH, RANGE 30 EAS • �1 CTION 3, TOWNSHIP 20 SOUTH, RANGE 30 EAST, SEMINOLE COU � I %IDA BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: I COMME � ` THE NORTHEAST CORNER OF AFORESAID SECTION 3, '�.�► THENCE • 00 °13' 13 "E ALONG THE. EAST LINE OF SAID SECTION 3, (ALSO BE G T • fiURVEY BASELINE OF AIRPORT BOULEVARD AS SHOWN ON THE SEM y ei COUNTY RIGHT OF WAY MAP, SECTION PS 156) A I DISTANCE OF I . p. FEET TO THE POINT OF CURVATURE OF A CURVE CONCAVE EAS Y, SAID CURVE HAVING A RADIUS OF 1909.86 FEET, A CENTRAL ANGLE441i, °42'07'; THENCE RUN ALONG THE ARC OF SAID CURVE A DISTAN JF 356.73 FEET TO A POINT; THENCE DEPARTING SAID I SURVEY BASE LIN .A 79 °04'40 "W A DISTANCE OF 100.00 FEET TO A POINT ON THE WES ' GHT OF P L OF OF AFORESAID AID POINT T BOULEVARD; SA[D PO ∎ "il ALSO BEING A POINT • A CURVE CONCAVE EASTERLY; HAVING A I RADIUS OF 2009.86 FEET, ir` TRAL ANGLE OF 17°20'15", A CHORD BEARING OF S 19 °35'27 "E, ∎ : A CHORD LENGTH OF 605.86 FEET; THENCE RUN ALONG THE ARC OF SAID YE A DISTANCE OF 608.18 FEET TO THE NORTHERLY RIGHT OF WAY , 1 F OLD LAKE MARY ROAD; THENCE RUN I S 52 °19'28 "W ALONG SAID NO' " x'• Y RIGHT OF WAY LINE A DISTANCE ' OF 339.28 FEET TO A POINT ON � � •• STERLY RIGHT OF WAY LINE OF STATE ROAD 417; SAID POINT BE w -10INT ON A CURVE CONCAVE I NORTHEASTERLY, HAVING A RAD - 07,5R9.58 FEET; A CENTRAL .ANGLE OF 04 °48'00 ", A CHORD BEARING OF'-• 19 "W, AND A CHORD LENGTH OF 467.31 FEET; THENCE RUN NORT •,� ����`NG THE ARC OF SAID CURVE AND SAID EASTERLY RIGHT 0' E A DISTANCE OF 467.44 I FEET; THENCE DEPARTING SAID RIGHT 1 ' • Y LINE RUN N 57 °35'31 "E A DISTANCE OF 306.79 FEET; THENCE N 09 °4 •'. ; : A DISTANCE OF 212.60 FEET; THENCE N 61 °50'43 "E A DISTANCE 0 Op T TO THE POINT OF BEGINNING. 1 SUBJECT PARCEL CONTAINS 4,22 ACRES MORE S. 0 L 1 1 Book6317 /Page86 CFN #2006109535 VACANT LAND SALE NO. SM6279/1779 A Recording Data: O .R. Book 6279, Page 1779, Seminole County, ) g g tY , FL ' (B) Grantor: Erik Freddie and Betty J. Freddie ' (C) Grantee: Sovran Acquisition Limited Partnership (D) Date of Transaction: June 7, 2006 1 (E) Date Inspected: August 12, 2006 (F) Dimensions and Size: Generally Rectangular, see sketch; 1.89 acres or 82,328 square feet ' (G) Consideration: $325,000 1 (H) Unit Price: $171,958 per acre $3.95 per square foot ' (I) Type of Instrument: Warranty Deed (J) Tax I.D./Folio Number: 35- 19 -30- 300 - 0240 -0000 (K) Location: The property is located at the southwest quadrant of Old Lake Mary Road and Country Club Road, in a portion of ' unincorporated Seminole County, Florida. (L) Zoning/Land Use: C -2 & A -1, Retail Commercial & Agriculture, Seminole ' County /COM (M) Present Use: The site is vacant (N) Highest and Best Use: Commercial (0) Condition of Sale: Arms Length (P) Type of Financing: Cash to seller (Q) Encumbrances: There are no known easements or encroachments that would adversely affect the development potential or purchase price of the property. (R) Type of improvements: The site is vacant (S) Various on site utilities: Electricity, telephone, water and sewer 1 VACANT LAND SALE NO. SM6279/1779 (T) Verification: ' With: Linda Terraccino By: Donald Oehlrich Relationship: Broker I Date & Phone No.: April 19, 2007 & (407) 617 -6563 (U) Motivation of parties ' Grantor: Grantee: To liquidate asset. Purchased the site for future commercial development. (V) Analysis of pertinent information incl. cash equiv. Consideration: N/A ' (W) Exposure Time: Unavailable 1 (X) No. of days on market: 102 days (Y) Remarks: The site is generally rectangular in shape with 1 approximately 264 feet of frontage along the south side of Country Club Road and 281 feet of frontage along the west side of Old Lake Mary Road. ' The site does not benefit from off site retention. 1 (Z) Parcel Sketch: See next page 1 1 1 1 1 1 1 1 1 VACANT LAND SALE NO. SM6279/1779 C O M 1 RE ! _W 161 ST ; ' ,' W 16TH T r r. 3! x �' co 8 $T iU IBT4 ST m B TH DR c, Ix c 7 p I C W19TH CT s' .._ p m Tal l_ TREE ,L4 o 1 p 77; r m W 204 ST # m m — m I z m c + 1 { ' iv c W 22ts1D,ST < j m ` • r z i4T�r �� m ; _ N SM627911779 ,I. 1 f coin CNNillilanor Pak w _._._ y , � '.. 1 1 m m r fi ■ TAMMY R t , o - ' 4 --1 • j r n - m TANGERINE �' • . ' -"`--. __...® � ..�...._.- � ].a.._._.__. � __�_. � I r " ,_. .', ._. Q r of i i ■Q; --< SR c ...__I c.' gyp 7 i _ I.. LL" <, .. . CO 1 2 ,.,----,,, , : ! IklOC 1 : t TE tRfiICE D� 05CEOLA DR \ �� � {< \ a �y 1 ` .f i ` 3E :4 : � R1IDGEW00� t —+ ?� m ," gyp_ ` r 1^ I ' d . I� 3*.- g3 ' C . ) ‘ r 1 ` :` + S 1- m i + � rr �DEL©RME -- n Data use subject to license. I O 2004 DeLorme. Street Atlas USA® 2005. 0 1000 2000 www.delorme.com MN (5.4° W) Data Zoom 13 -0 1 1 1 1 1 1 1 1 1 VACANT LAND SALE NO. SM6279/1779 ' 58.B 58.0 58.D 58.A coLN. TR. LLLEk RL ' 218 22 23A'23 30 24 • 24B 24A 21A 25B 25 ' 30A 25 w 27 25A 20 r 1 1 1 1 1 1 VACANT LAND SALE NO. SM6279/1779 1 1 1 1 1 1 1 Photo taken by Dennis Oehlrich on April 20, 2007 1 1 1 1 1 1 1 1 I 'CASs lr,'tn:menr Piepared in Connxtion with issuance ut FORYNef NURSE CLERK IF CIRCUIT {OAT 'titre insurance by and Return ro• 9911111.1 Ns I ( L. 7auscher ({ 06879 9 r 1779 1782; II C Title Insurance Company CLE Rt(• S * 79 — 1 r93 19 495 .State Road .3d Cusclbrrry n. 3270; RHC9111B1 06108/0.006 1K1t)0t1I PR (/ 0 7 'I ) L1.,' WEI Dix; Tax P,2Y5.00 RECUADIP FEES 35.50 II BY 4 sS . -f n QED 4 helde� � JSS �� 7Safl 3 2 1 4, 1 a E g i ...--- 4 1 Property Folio Number. ,136- t9 -.%1- 300 •2401%0)0 1 Ifif WARRANTY DEED This Warran made and executed the day of ( ; 1006, by ERIK FREDDIE. ahh -° ..ss is P.O. Box 1194, ee rfzeld Beach, F 'da, 33443, and BETTY J. FREDDIE, whose address is 201 0l ar. a Mary Road, Sanford, Florida, 32771, jeino ter collectively called the grantor. to SOVRAN ACQUISITI . ?t 0 PARTNERSHIP, a Delaware linuted partnership, whose office address is 6467 Main Street, Buffalo, w York, 14221, hereinafter called the grantee: (Wherever used herein the term 'grantor' • include all the parties to tens instrument, iutgu)ar and plural, the heirs, Iegal representatives, and assigns of indisiduals. an.. cesaors and assigns. wherever the context H, admits or requires.) Witnesseth: That the said grant •' d in consideration of the sum of $10.03 and other valuable I considerations, receipt whereof is hereby aclaz. ,,,- rt_ : • by these presents does grant, bargain, sell, alien. remise. release. convey and confirm trnto the grantee all r • ( in land situate in Seminole County, State of Florida, viz: SEE EXHIBIT "A' ' ATFACHED��`� t • - AD MADE A PART HEREOF. I The above - described property is not the hornestead prop -• e�1 gran Together with all the elements. hereditament�� thereto belonging or in anywise appertaining. I To Have and to Hold, the same in fee simple for - O And the grantor hereby covenants with said grantee that z s 1• By seized of said land in fee simple. I that it has good right and lawful authority to sell and convey said land, t e reby fully warrants the title to said land and will defend the saute against the lawful claims of all persons w ., er; and that said land is free of all encumbrances except for real estate taxes for the year 2006 and subsequent y; • 1),. 1 - 1 - 1 1 1 1 Book6279/Page1779 CFN #2006093219 1 1 IN WIT,h'ESS WHEREOF, the grantor has hereuma set their hands and seals the day and year first wrirren 1 above. A- . , Illh, g.:4 y _ Name: ERIK FREDDIE 1 >��:' ' d�► �. • .. . e i 1 Name: h' /,‘"k / c A a r 1 STATE OF, FLORIDA COUNTY • Ilk • ' instrument • �P'xled ed before me this , The foregoing �' 8 �dqv� er..ex.r...--- .2GCt6, by ERIK FREDDIE, who is personal (o me or has pro�I..c . �I.twa 1 ~ ...�.- as identification. I (I"} t NOTARY PUBLIC: Ch . f ate' ' si �.rl ,- �..._n��u Y.1 E nt oramwr 30, p 0� 2 {/ / III *■r+•�•an ? �D State of C_V ar Large (Seal) My Commission Expires: 1 0 ADDITIONAL SIGPIA FOLLOWS: I D o 1 0 1 � ______4.-:„, 1 . 2- 1 .. . 1 1 1 1 Book6279 /Page1780 CFN #2006093219 1 1 -,. 1 WITN ES: w Name:' MVO ' Nrwl l_ �/ /�� Name: - E - /Qcrx /r/ 1 ...., v ., O STATE O O DA I COUNTY b) _ —..e... /F tHI The foregoing s acknowledged before me this % ¢ day o / 2C 6, by BETTY J. FREDDIE, ersonally blown to me or has produc ! i... u • f„� L as 1 identification. , 0 NOTARY PUBLIC: i , ,,L.••• w'""` ChiryITauschar Stan � 1yrE.� �011 p �' 1 COflM1i •� State of at Lar ( Seal) My Commission Expires: I ' D,...---- \ �O 1 W � 1 l 1 eb 1 as 1 . 3- 1 .._._.___ 1 1 1 1 Book6279/Page1781 CFN #2006093219 1 I EXHIBIT 'A" Section 35, Township 19 South, Range 30 East, Beginning 1106.8 It East and 512.5 ft. North of Southwest corner, run East I 284 ft., North 312.5 ft., West 264 ft., South 312.5 ft. to Beginning (Less Road) being in Seminole County, Florida. LESS AND EXCEPT Country Club Road (SP. 546A) and LESS AND EXCEPT Old Lake Mary Road. BEING MORE PnTICULARLY DESCRIBED AS FOLLOWS: I From the S- . rner of the Southwest quarter of Section 35, Township 19 South. Range 30 East, Seminole County, Florida, run 9° 5 •'E., along the South line of said Southwest Quarter for a distance of 1108.16 feet to a point; thence N.00° 0501 , istance of 512.50 feet to the Point of Beginning; thence continue N.00° 05'01"E., for a distance of 296.39 feet to a tfb Southerly right -of -way line of Country Club Road (as established by existing occupation); thence S.89° 45' . . ong said right -of -way line, a distance of 264.26 feet to a point on the Westerly right-of -way line of Old Lake Mary R. - . - ablished by existing occupation); thence S.00° 05'01 "W., along said Westerly right-of-way line I for a distane of 29��to a point; thence N.89 45'38 "W., tor a distance of 2f54.26 feet to the Point of Beginning. 1 0 `Vvw 1 OTh,....._) v....., (-- I c:, D 1 1, q 1 1 e O 1 C: (.....-/_.),,,5,, I -- -- cr-\.;_a J., 1 CONT3 /YYBB 1 1 1 It 1 1 Book6279 /Page1782 CFN #2006093219 � LAST INSTRUMENT OF CONVEYANCE 1 DEED _ � � i s : :.. • _ �,E COUNTY. Ft i w _ . RYANNE MORSE C NTY. F . j - Ml� RECORDED & Y ' CLERK Of r t ^� U! T COURT _,,,,=:- v Tie sum�t:�.c orew:ed 592242 SEP 20 FM 4 15 1 .-_,T4-A. by sod Amid be retuned to . 7 low A. MrdNabb. h. T 510 Voids Cast /c+ 1 Nfai:)aod 32751 Tax id No 265-64 -0329 , - PERSONAL REPRESENTATIVE'S DISTRIBUTIVE DEED 1:-. : zoo :N.) : � i. INDE NTURE, trade this day of August, 2000, by and betwe Mamie Rnthe ? ." `� -�:« o s I M '�1 ,wh ose mai ling address is 1122 Skylark Lane, L an t ana, Florida 33462 and .*:;: L .„ a .' . „ , siting address is P.O- Box 382, Clewiston FL 33440, the duly • r _ . ` • ves of the Estate of Ira Vinson Henderson, ` _ = ;1 � � acting Co- Personal Representate �► a, . - a. I1gively, the "Grantor "), and City of Sanford, Florida, a municipal corporation, --- m I - .., ' '' whose -- is 300 North Park Avenue, Sanford, Florida 32771 (the "Grantee "). s-- � : That WHEREAS, Ira Vinson Henderson died testate a resident of Seminole I County, Florida 19, 1995, seized and possessed of the real property hereinafter described; an 1 - - WHEREAS 's Last will and Testament was admitted to probate and recorded by the Circuit Court for S County, Florida, Probate Division, in Case No. 95- 561 -CP; and ,r T I _ WHEREAS, the , . ` 'shes to distribute said property to the Grantee, and to evidence the release of the property I' ght of the Grantor to sell or encumber such property pursuant the the provisions of such is Last Will and Testament, or as provided by law. i N OW, THEREFORE, i c e + , ton of the foregoing and in connection with the distribution of the estate of said decedent, rantor has released to the Grantee the right to sell or I .> encumber said property, and by the , nts and granted, conveyed, and confirmed unto the Grantee, its successor and assigns `� , all of the interest of said decedent in and to the real t \ property situated in Seminole Coun .a, and more particularly described in Exhibit "A" I hereto. ��,, TOGETHER with all and singular th t • T hereditaments and appurtenances belonging to or in any way appertaining to that real p , subject to all restrictions, reservations and 1 easements of record, if any, and ad valorem ''. e current year. PROVIDED. ALWAYS that the Grantee shall'. • • . • use the said property only for parks, I recreation area, open spaces area, or similar uses, (4 , e benefit ofthe public; and PROVIDED, FURTHER, that the conveyance eviden - - : •- � •y . tithe lands conveyed hereby, at L''' all times shall be subject to the restrictions, Iimitatio ' • • editions set forth in that certain I "Land Donation Agreement" of even date herewith, . n the Grantor herein and the Grantee herein. Because this deed is given to evidence the distribution o el'' of a decedent's estate and involves the assurnption of no mortgage, minimum state doc , - stamps are affixed. .. a P a. $ �,,.� . S kdanYibie Tax Pd. f;n„eW M 1 AN t�Q• ten, *�X`.�`' `''' '� �` -sli t sr.t . %-t� -`cam - 4 =_'� -? ^:_ � E - - 3 .:.. ��� .: ' 77. ir IN WITNESS WHEREOF, the undersigned, as Co- Personal Representatives of the Estate of Ira Vinson Henderson, deceased, have executed this Personal Representative's Distributive Deed I . under seal on the date aforesaid. Signed, sealed and delivered - in the presence of: �� { - Prim: Arsar i it••no i p.m., Mamie Ru cReyno Personal = Representativeofthe Estate of Ira Vinson W ' Henderson, deceased VD J ...e,egel, - Pr' . A in pl =G A0 / l arl.r E o z n ,O; 1 A ma O // me / , 4d /I.4IfL� '� �O I Prim: # . • K A. Lauren Worth, Co- Representative of „To the Estate of Ira Vinson Henderson, deceased ■ Print: . ..If2. �: 4 - r* - - 1 I S TATE OF L! - 9` = ' COUNTY OF ', WM' ,_ Sworn to and sub - bed before me th 2�" day of August, 2000, by Mamie Ruthe I McReynolds, who [''f is • •.tt known to mc, OR who [ 1 produced _ entification. „ DM iWE U1 h10lf iAaE A , ' tT% KQ NOTARY PUBLIC — 7,1 My Commission Expires I STATE OF 0.6- a , / / �, I COUNTY OF - _ �.4. � V (PIA 1 Sworn to and subscribed before me of August, 2000, by Laurene Worth, Y B Y who [ 's personally known to me, OR who [ r' ed as 1 I identification. C:gi , 6 41\e -- GILA.c./.-Asar--)Gre- : 1 ill WSW WE IA Kan NOTAR YPU C My Commissim D4 \ ] - SWAIN COUNTY, N. C. tl tr Me O O I ---'-'---..:'::.-:.:- ' '-' ' '" -.-. .. 1 Y - ... H tip. *- v �i!t' - s..._ ;`. . f -: ' - • r. a 41r 1 " -'ra ` s ` S 1 - i Exhibit A LEGIBILITY UNSATISFACTORY FOR MICROFILMING i Th -art of the scothwest gutrter or Seecit:a 25' sad the .pest quarter or Section 36, Township 19 South, Ravi,: e M O 1 t and being in Seminole County, Florida, Nally described as (*Hawk 111 o d 7, the west 47.20 teat of LOCI S 9 and 10, and the Lo ao as-baU of the vacated stmt 'Oust to Lot 10 on the south, BI- - 43, Tier 11, Town of Sanford ecaordlst to E.R. ,, U - .1 . MAP ee oe : ded in Piet Book 1. Pages S6 through 64, L p s o '^ v • PaDlie r ' Seminole t:oanty. Florida: ether whit m I The west 101.0 feet of Lou 6 sod 7, and the sou* one -lea o a of the va •• �- •� y ' , sdjicent to Lot 6 os the north, sleep r- T 14, Tier 11,b+'- of Sanford, according to LR •RAFFORWS — look .1, Pats 56 . throes ; r! o — >o MAT, r _ t y,-Flid toted: ora; u with 1 Records o[ ,,,us 1 Lot 2 of SubdIvls A.Y. FRENCH PROPERTY, recorded Is Plat Book 7, h r co O - of the Public Records of Sesaiaote County. 1 Florida; together wi The west IOIA3" f - of the cut 949 feet of Towv 140 9 feet or . tbo northwest of Seethe 36, • with. South, Ratite 30 East. $ County, Florida;, together I The east 10 feet of the w i0 � r � ' feet of the st,rth 140 fat of the . northeast Qaattor or 1 t - ' i iii. west Quartet of • section 36. Township 19 South, Ruts No.ii x t, Seminole County, Florida; I together with. O : $ ttoa uli= 41797 Pact w c' fat 'ouch o( . des I �, . _ " . , - northeast corner of. the ' • 4/. ' potat..ss-. as :t 3i , Toirubip 19 South, taiga. :. is st Am . SesT� aortbsrn ritht.of-w=y Has of 13th► ::Iles of County, Florida; rue 'with . 267.7 T Qfr the tee 1 . . a poLat, theses - I 12th Street in add- - elet.;, then east gi7 felt east i o pt southerly i gl s 'l $$. � themee weft - to pOlat of '; ag, together nth 1 the 'Oath eat ball of the vacated stceet:oa t north. • I Ce , 1, Unsatisfactory F. e¢rofiiming o I Page l of III 1 � APPRAISER'S QUALIFICATIONS 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 ' 4 UALIFICATIONS OF THE APPRAISER DONALD P. OEHLRICH, MAI ' (407)862 -7070 FAX:(407)862 -0122 EMPLOYMENT: President of Florida Realty Analysts, Inc. and actively engaged in the real estate profession since 1989, with appraisal experience in all types of valuation and evaluation assignments. Florida Realty Analysts, Inc. provides appraisal services in Orange County, Seminole County, and the Central Florida geographical region. EDUCATIONAL BACKGROUND: B.S.B.A. Kansas State University, 1983 1 Manhattan, Kansas Beta Alpha PSI - Accounting Honor Fraternity PROFESSIONAL AFFILIATIONS: Appraisal Institute 1 MAT Member No. 11,162, 1996 Licensed Real Estate Broker, State of Florida License Number: BK 0541777 ' State Certified General Appraiser, State of Florida Certificate Number: RZ 0002160 ' PROFESSIONAL EXPERIENCE: Expert Witness, Qualified as an Expert Witness in Orange and Seminole County, Florida President, Florida Realty Analysts, Inc. Longwood, Florida Vice President, Just Valuation, Inc.(d/b /a JVT) Maitland, Florida Residential Appraiser, Smith, Lyons Appraisal Services Altamonte Springs, Florida 1 1 1 Rev. 12/02 1 1 QUALIFICATIONS OF THE APPRAISER 1 DONALD P. OEHLRICH,MAI (Continued) 1 PROFESSIONAL EDUCATION: 1 American Institute of Real Estate Appraisers: 1991: Course 102, Applied Residential Property Valuation 1991: Case Studies in Real Estate Valuation 1 1993: Course 530, Advanced Sales Comparison and Cost Approaches 1993: Course 110, Appraisal Principals 1994: Course 120, Appraisal Procedures (Challenged) 11994 Course 310 Basic Income Capitalization ( � Challenged ) : 1 1994: Course 410, Standards of Professional Practice Part A (USPAP) 1994: Course 420, Standards of Professional Practice Part B 1994: Course 510, Advanced Income Capitalization 1 1995: Course 540, Report Writing and Valuation Analysis 1998: Course 430, Standards of Professional Practice Part C I International Right of Way Association: 2001: Course 403, Easement Valuation 2002: Course 406, USPAP I 2002: Course 214, Skills of Expert Testimony Miscellaneous Seminars: Appraising Troubled Properties, February 1992 1 Water Resources Seminar, November 1994 South Florida Water Management District I - Valuation of a Less Than Fee Acquisition, May 1995 - Understanding Wetlands For Appraisal Purposes and Mitigation Banking As A Highest And Best Use, May 1995 The Appraisal of Local Retail Properties, September 1998 I Small Hotel Motel Valuation, October 1998 FHA Homebuyer Protection Plan, September 1999 USPAP, August 2000 1 1031 Exchanges, October 2000 1 1 1 1 1 Rev. 12/02 1 1 QUALIFICATIONS OF THE APPRAISER DONALD P. OEHLRICH, MAI I (Continued) I EMINENT DOMAIN: Orange County Real Estate Management Projects: Turkey Lake Road (Central Florida Parkway to Sand Lake Road) I S.R. 50 and Econlockhatchee Trail Improvement Central Florida Parkway Public Utilities Easements Maguire Road Sidewalk Improvements I Turkey Lake Road Order -of- Takings Clarcona -Ocoee Road Seminole County Engineering Department: I Airport Boulevard, Phase II Chuluota Bypass Project 46A Phase I Project 1 C.R. 427, Phase II C.R. 427, Phase IV C.R. 426, Curves Project (2 Sections) Dodd Road Project I Mikler Road Improvement City of Casselberry: Winter Park Drive ' Florida Department of Transportation: Interstate 4, Segment 2, Hillborough County SR500/U.S. 192, Osceola I PREPARED APPRAISALS FOR: Buyers, sellers, attorneys, private parties, banks, savings and loan associations, I mortgage bankers, and government agencies. HAS APPRAISED: Acreage Tracts Outdoor Advertising Signs /Sites I Commercial Buildings Residential Dinner Theater Restaurants Industrial Property Right -of -Way Acquisitions Leasehold Interest Right -of -Way Easements I Mobile Home Parks Vacant Land Apartments Industrial Buildings Gas Stations Net Lease Buildings 1 Nominal Value Tracts Wetlands Office Buildings Special Purpose Properties Agricultural Tracts Golf Courses Cost -To -Cure Analysis Eminent Domain I Ranch Lands Tax Valuation Retail Owner Occupied Buildings Mini Storage Facilities Churches I Subdivisions Auto Sales Daycare Facilities Proposed Construction Medical Office Golf Ranges I Appraisal Review R ev. 1 2/02 QUALIFICATIONS OF THE APPRAISER MARK MCLEARN I EMPLOYMENT: ' Currently employed by Florida Realty Analysts, Inc. as a staff appraiser engaging in a variety of eminent domain and mortaaae related valuations and evaluations of all types. Florida Realty Analysts, Inc. provides appraisal services in Orange County, Seminole County, Osceola County, Volusia County, Polk County, Lake County, Marion County, Sarasota County and the Central and West Florida geographical region. EDUCATIONAL BACKGROUND: B.S.B.A. Florida Atlantic University, 1986 Boca Raton, Florida ' Bachelor of Science Degree majoring in Management Science & System PROFESSIONAL AFFILIATIONS: Licensed Real Estate Salesman, State of Florida License Number: SL 0489852 ' State Certified General Appraiser, State of Florida Certificate Number: RZ 1406 ' PROFESSIONAL EDUCATION: American Institute of Real Estate Appraisers: 1988: Course 1A1, Real Estate Appraisal Principles 1989: Course SPP, Standards of Professional Practice 1989: Course 8 -2, Residential Valuation 1991: Course IBA, Capitalization Theory and Techniques, Part A ' 1991: Course 1BB, Capitalization Theory and Techniques, Part B 1992: Course 4, Litigation Valuation 1993: Course 540, Report Writing and Valuation Analysis ' 1993: Course 550, Advanced Applications 1994: Course 520, Highest and Best Use and Market Analysis ' Society of Real Estate Appraisers: 1987: Course 101, Introduction to Appraising Real Property 1987: Course 102, Applied Residential Property Valuation 1992: Course 437, Condemnation: Legal Rules Appraisal Practices International Right of Way Association: 1991: Course 801, Land Titles 1991: Course 802, Legal Aspects of Easements ' 1992: Course 401, The Appraisal of Partial Acquisitions Rev. 9/07 I QUALIFICATIONS OF THE APPRAISER MARK MCLEARN 1 (Continued) M Seminars: Right -of -Way In -House Program, FDOT I Enviromental Audit: A Workshop, Kieth & Schnars, PA Blueprint and Construction Course, William Reeve, MAI Appraisal Review Course A, Florida Department Of Transportation I Value Engineering Workshop, Florida Department Of Transportation Marshall Valuation Service, Square Foot Method, Theodore Keener Marshall Valuation Service, Calculator Cost Method, Theodore Keener Marshall Valuation Service, Segregated Method, Theodore Keener Persuasive Style in Appraisal Writing, Alan Blankenship, Ph.D Appraisal Review Course B, Florida Department Of Transportation FREAB Appraiser Certification II, Stephen Williamson I USPAP Core Law for Appraisers, Appraisal Institute Advanced Environmental Assessments Appraiser in Florida Department of Transportation Mock Trail 1 PROFESSIONAL EXPERIENCE: Expert Witness, Qualified as an Expert Witness in Broward County, Florida I Eminent Domain Appraiser, Florida Realty Analysts, Inc., Longwood, Florida I Eminent Domain Appraiser, Hastings and Spivey, Inc. Orlando, Florida 1 Eminent Domain Appraiser and Reviewer, Florida DOT Deland and Fort Lauderdale, Florida 1 EMINENT DOMAIN: Florida Department of Transportation, Florida Turnpike Enterprise and County Projects: I U.S. 98, North of Interstate 4 and Daugherty Road, Polk County State Road 35, County Road 74 to County Road 764, Charlotte County State Road 82, Evans Avenue to Michigan Link Avenue, Lee County I U.S. 17 -92 Bridge Project at Lake Monroe, Seminole County Interstate 75 at Bass Creek Road, Broward County State Road 822 at Interstate 95, Broward County State Road 811 from Atlantic Blvd. to Hillsboro Blvd., Broward County I U.S. 1 at 17 Street, Broward County State Road 842 at Interstate 95, Broward County State Road 706 and U.S. 1, Patin Beach County I State Road 708 at the Intercoastal Waterway, Palm Beach County State Road 76 from Salerno Road to Indian Road, Martin County Lancaster Road from OBT to Winegard Road, Orange County County Road 425 from U. S. 17 & 92 to C. R. 46A, Seminole County I Clarcona -Ocoee Road from C.R. 437 to Hiawassee Road, Orange County State Road 500 from Hickory Tree Rd. to Town Center B1., Osceola Co. County Road 15 (Monroe Road) /Elder Creek Advanced Acquisition, Seminole Co. 10` Street (Tatum Boulevard to Myrtle Avenue), Volusia Co. I Florida Turnpike Mainline Widening, Interstate -4 to Beulah Road, Orange County Rouse Road (Buck Road to Corporate Boulevard), Orange County C. R. 15 /Monroe Road (S. R. 46 to Orange Boulevard), Seminole County R ev. 9/07 ' QUALIFICATIONS OF THE APPRAISER MARK MCLEARN 1 (Continued) PREPARED APPRAISALS FOR: ' Buyers, sellers, private parties, banks, savings and loan associations, mortgage bankers, and government agencies. HAS APPRAISED: Acreage Tracts Nominal Tracts Apartments Gas Stations Citrus Groves Restaurants Commercial Buildings Retail Condominiums Right -of -Way Acquisitions 1 Convenience Stores Right -of -Way Easements Cost to Cure Analysis Service Stations Eminent Domain Single Family Residential 1 Industrial Properties Special Purpose Properties Landfills Vacant Land Medical Offices Warehouses ' Mobile Homes Wetlands 1 1 1 1 1 1 1 ' Rev. 9/07 METROPOLITAN ORLANDO AREA DATA 1 1 1 1 1 1 1 1 1 1 1 1 METROPOLITAN ORLANDO AREA DATA The Orlando Metropolitan Area is located near the geographic center of Florida. The ' Metropolitan Area consists of approximately 3,872 square miles and includes Orange County, Seminole County, Osceola County, and Lake County. Orlando is situated approximately 150 miles from the Florida/Georgia border to the north, 50 miles from the ' Atlantic coast to the east, 75 miles from the Gulf coast to the west, and 370 miles from the Florida Keys at the southern tip of the state. The Orlando area is located at the ' intersection of Interstate 4 and the Florida Turnpike. The Martin Anderson Beach Line Expressway links the East Coast beaches with Interstate 4 and the Tumpike. ' ECONOMIC BASE INFORMATION The metropolitan Orlando area is renowned as one of the world's top tourist destinations. 1 The tourist industry in the metropolitan area has a major impact on the local economy. In excess of 13 million people come into Orlando every year to visit such theme parks as Walt Disney World, Epcot Center, Disney -MGM, Universal Studios, and Sea World. ' Disney's newest theme park called Animal Kingdom opened in April of 1998. Universal Studios opened their second theme park in 1999 called Islands of Adventure. ' The greatest area for potential employment lies in the services industry, which represents approximately 40 percent of all employment. Within the service area, the tourism sector is particularly promising. Two of the three biggest employers comprise theme parks and ' hotels: the Walt Disney World Resort and Universal Orlando. Health care and retail (stores) also are major employers within the services sector. In addition, several corporate headquarters are located throughout the region. They include Siemens Westinghouse, 1 American Automobile Association, Dixon Ticonderoga, Hilton and Tupperware International. 1 High technology plays a role in the Orlando area. With approximately 3,000 high -tech companies that employ nearly 70,000 people, the region is a world -class high -tech center. During the past 10 years, employment in high -tech industries has more than doubled, and approximately 80 percent of the total manufacturing growth since 1980 has occurred in high -tech industries. Among the leading high -tech areas are simulation and training, lasers, software development, and microelectronics manufacturing. Among notable high - tech employers are Oracle Corp., Lockheed Martin and Cirent Semiconductor. All totaled, there are some 3,800 high -tech companies in the area, employing 80,000 people and generating nearly $9 billion in annual sales. 1 1 1 1 1 1 AMENITIES The Orlando MSA has an efficient transportation system, full service medical facilities, I extensive sports and recreation areas, and high education standards, and various cultural organizations and activities. 1 TRANSPORTATION The Orlando MSA provides seven airports scattered throughout the region. They are, the Orlando International Airport in south Orlando, the Orlando Executive Airport located two miles east of the Orlando Central Business District, Central Florida Regional Airport, located in Sanford; Mid - Florida Airport, located near Mt. Dora; Leesburg Municipal Airport, located between Tavares and Leesburg; O.C.A.V., Inc., located in Plymouth off U.S. Highway 441; and Kissimmee Municipal Airport, located in Osceola County. The I Orlando International Airport (OIA) is the 15th busiest hub in the nation, and the 24th busiest in the world. The airport is located on 15,000 acres and is the second largest airport property in the country. 86 airline carriers serve the airport with over 1,000 I flights a day. The airports 3 parallel runways, two measuring 12,000 feet and one 10,000 feet long, are among the largest in commercial use. OIA has started its $1.2 billion expansion. The Orlando Executive Airport serves as a home base for two fixed -based I operators and 350 locally owned aircraft, including corporate and executive jets. The airport is located on a 1,000 -acre facility and has two runways. The Central Florida Regional Airport is located on more than 1,600 acres and has 3 paved runways. The I airport is rated for wide -body air carrier aircraft, and is also the home to an active 150 - acre industrial park. The Kissimmee Municipal Airport is located on an 800 -acre site with two paved runways. The airport is also home to an industrial park designed for both 1 aviation and non- aviation related business. Orlando is the crossroads to two major roadways that extend through the state of Florida. 1 These roadways are Interstate 4, which extends in an east /west orientation from Daytona Beach and Interstate 95, westward to Tampa at the Gulf of Mexico. Florida's Turnpike extends in a north/south orientation from its southern terminus in Miami, north to join 1 with Interstate 75 in Wildwood. Other U.S. Highways that serve the Orlando MSA are U.S. Highway 441, U.S. Highway 17, U.S. Highway 92, and U.S. Highway 27. The Martin Anderson Beach Line Expressway provides access from Interstate 4 near Disney 1 World, east to the John F. Kennedy Space Center in Port Canaveral. The East -West Expressway is a toll road that provides both east Orange County and west Orange County resident's access to downtown Orlando. I The primary road improvement project in the Orlando MSA at this time is the Orlando Beltway. This project encompasses the four county area and will virtually loop around I metro Orlando. Currently, the beltway is complete from Interstate 4 in Sanford, south to Interstate 4 at Walt Disney World. The northwestern section between U.S. Highway 441 in Apopka and SR 408 between the cities of Winter Garden and Ocoee is now complete. The center two lanes would be for high - occupancy vehicles. There are also plans for State Road 436 from SR 408 to the Orlando International Airport to be transformed to an 1 ' "urban expressway ". There will be four express lanes in the center with frontage roads on each side. RAIL Amtrak currently operates two trains daily between New York and the Orlando MSA. ' Amtrak stops in four stations in the area that include Sanford, Winter Park, Orlando, and Kissimmee. ' By the year 2015, there are plans for a high -speed rail that would link Tampa, Miami, and Orlando. CSX transportation moves freight between north and south Atlantic points and connects with all major U.S. rail- lines. There are two major freight stations in the area, ' one in Orlando and one in Plymouth. A combination of piggyback and carload, CSX has six north bound and six southbound freight trains daily. 1 PORTS Port Canaveral is located approximately 50 miles east of Orlando and is the only deep- water port between the harbors of Jacksonville and West Palm Beach. The port facilities include 6 crew terminals, serving almost one million passengers annually. Additionally, ' there are 3 tanker berths, 3 petroleum fuel tanks, a 6 million cubic foot freezer warehouse, and 10 acres of open paved storage. Port Canaveral is also home to a foreign trade zone. The port of Sanford is located on the St. Johns River at Lake Monroe. ' Maintained by the U.S. Army Corps of Engineers, the port of Sanford has a medium controlling depth of 15 feet. The port that is adjacent to Interstate 4 also houses an industrial park with tenants in the manufacturing /distribution businesses. MEDICAL 1 A wide variety of facilities for general and specialized medicine are available in the Orlando MSA. The Orlando area has 14 hospitals with a total of approximately 4,200 beds. Orlando is also home to the Walt Disney Memorial Cancer Institute at Florida Hospital. The hospital is affiliated with the prestigious Duke Comprehensive Cancer Center, Radiation Therapy Oncology Group of John Hopkins Hospital Department of Radiation Medicine, and Loma Linda University. The Disney Institutes 16,000 square ' foot research center, in the research park adjacent to the University of Central Florida, allows Florida Hospital and UCF researchers to pursue a variety of joint research projects. 1 1 1 1 SPORTS AND RECREATION Given the Orlando MSA's ideal climate it is perfectly suited for virtually every kind of I sport and recreational activity. The Orlando MSA has approximately 20 public golf courses and 44 private or semi - private courses. There are over 2,000 fresh water lakes along with the St. Johns River that offer fishing, boating, and skiing. Orlando is also the I home of the National Basketball Association's Orlando Magic. 1 EDUCATION The state of Florida provides that each county has its own school district, which provides education from kindergarten to twelfth grade. The area has over 225 public schools and I additional private and parochial schools. The Orlando metropolitan area also has more than 380 licensed childcare facilities. Within the region, there are two fully accredited I four -year institutions. The University of Central Florida, which began in the 1960's as a technology school, and Rollins College in Winter Park, which is the oldest private college in the state of Florida. UCF has an annual enrollment in excess of 23,000 I students, and Rollins College has an annual enrollment of approximately 2,600 students. Rollins College is consistently ranked by U.S. News and World Report as one of America's best colleges. Other higher education schools in the area include Orlando I College, Florida Southern College, Valencia Community College, Seminole Community College (which opened in January of 2001), and Lake - Sumter Community College. Seminole Community College has a satellite campus called East Center near Oviedo and I Lake - Sumter Community College also has an annex building on State Road 50, just east of Clermont. 1 ARTS AND CULTURE The areas major arts groups are sustained in part by United Arts of Central Florida, Inc. I United Arts serves as a model funding program for arts organizations nationwide. The metropolitan Orlando museums and exhibits include the Cornell Fine Arts Center, The Holocaust Memorial Center, Maitland Art Center, and The Orlando Museum of Art, 1 Orlando Science Center, and the Morse Museum of American Art. Facilities for the performing arts in the Orlando area include The Southern Ballet Theater, The Civics Theater of Central Florida, and The Annie Russell Theater at Rollins College. The Bob I Carr Performing Arts Centre located downtown has held such renowned plays such Miss Saigon and The Phantom of the Opera. 1 1 1 1 I 1 1 FOUR FORCES There are four forces that influence a region or area. These forces include social I considerations, economic considerations, governmental considerations, and environmental considerations. The following is a discussion of each of these forces. 1 SOCIAL CONSIDERATIONS Social forces that influence an area include population density, occupant skill levels, 1 occupant age levels, and occupant employment status. As reported by the Bureau of Economic and Business Research at the University of I Florida, the population of the Orlando MSA in 2000 was 1,664,561. This is an increase of 34% over the 1990 population. The following is a breakdown of the demographics for 1 2005. Metro Orate Seminole Lake Osceola City of 7005 Demographics Orlando County County County County Orlando Total Population 1.900.560 1.006.134 398,569 269,076 226.787 201,003 TotalHousenoids 702.989 371.236 144.862 105,863 81.028 86475 % Female 50 60% 50.30% 50.90% 51 40% 50 20% 5120% % Male 49,40% 49.70% 49 10% 48.60% 1 49.80% I 46.80% Poputation Density iper So _ MI) 473.9 1001.8 1155.8 232.7 I 150.7 I 1991 00 tyt.:dian Aqe - 36 2 34 d 37.9 43.8 I 34.6 I 34.2 - I , Race and Ethnicity American Indian, Eskimo. Aleut 0 20% 0.20% 0 10% 0.30% C 40% 1 020% Asian or Pacific Islander 3 40% 4 60% 2 60% 0.83% 2 40% 3.60% Black 14.80% 20.10% 10.10% 6.001 1 7.10 Sb 2510% I Havraiiar�Paic Islander 0.10% 0.10% 0.00% 0.12% 1 C.10% 0.10% Wfl4e 73.80% 65.70% 62.00% 88.02% I 78.10% 59.30% Other 5 00% 5.93% 3 00% 1.80% 1 8.50% I 5.30% I Multi -R-ae 2.90% 3.50% 2.20% 1.10% r 3.50% I 3.50% Hispanic Ethnicity 20.30% 22. 13.50% 5.50% 36 60% 21.00% Not of Hispanic Ethnicity 79.70% 77.50% 86.5% 91.53% 34.6% 79.00% Source Demo9raphlcst ow.rnm March 2006 1 Orlando is the fourth largest MSA in the state. Orlando's medium age is the youngest among Florida's four largest metro areas. Almost 43% of the population is between the I ages of 15 and 44. This translates into a large work force that continues to grow at a rapid rate with the continued in- migration into the area. 1 1 1 1 1 1 1 1 Metro Orlando Demographic Detail Summary Report Population by _ Age r. 9 % Change �„. ..., .. � � _ 1990 2000 2005 2010 Census Census Estimate Projection 1990 to 2000 2005 to 2010 10 to 4 86,382 7.00% 107,150 6.50% 129,597 6.80% 143,444 6.70% 24.00% 10.70% 5 to 14 159,673 13.00% 234,108 14.20% 260,695 13.70% 281,852 13.10% 46.60% 8.10% 1 15 to 19 84,704 6.90% 111,485 6.80% 130,082 6.80% 146,011 6.80% 31.60% 12.20% 20 to 24 95,631 7.80% 111,922 6.80% 128,068 6.70% 142,560 6.60% 17.00% 11.30% 25 to 34 228,348 18.60% 247,736 15.10% 267,634 14.10% 283,142 13.20% 8.50% 5.80% to 44 184,311 15.00% 275,239 16.70% 292,452 15.40% 306,215 14.30% 49.30% 4.70% 135 45 to 54 121,597 9.90% 213,731 13.00% 266,889 14.00% 315,112 14.70% 75.80% 18.10% 55 to 64 105,759 8.60% 139,066 8.50% 186,146 9.80% 241,700 11.30% 31.50% 29.80% 65 to 74 95,792 7.80% 112,149 6.80% 127,278 6.70% 152,189 7.10% 17.10% 19.60% 1 75 to 84 48,779 4.00% 70,676 4.30% 83,230 4.40% 97,049 4.50% 44.90% 16.60% 85+ 13,910 1.10% 21,299 1.30% 28,489 1.50% 35,171 1.60% 53.10% 23.50% ' Median Age: Total Population 33.1 35.4 36.2 37.5 1 Because of Florida's booming tourist industry, the greatest number of jobs will continue to come from the service industry. Most of these jobs require a minimum of a high I school diploma. These jobs include retail sales people, cashiers, gardeners, ground keepers, and waiters. The unattractive aspect of the growth in the service related jobs are that they are relatively low paying positions. However, due to financial incentives by the I local governments and the availability of a qualified workforce, Orlando is fast becoming a destination for high -tech firms to relocate or for startup firms. By contrast, the demand for agricultural jobs has declined. The job with the fastest declining demand is the farm I worker. The following is a breakdown of the employment by sector: 1 1 1 1 1 1 1990 1995 . 1998 1999 Total, AN Industries 298.000 810,600 803,980 834,672 I Manufacturing 36.700 58,300 53,625 53,834 Construction 19,900 39,400 45,491 47,565 Transportation, Public Utilities, Communications 15,000 31,700 41,839 42,870 Trade 79,100 159,300 200,015 208,165 *Wholesale Trade (20,300) (34,500) (42,965) (44,714) *Retail Trade (58,800) (124,800) (157,050) (163,452) Finance, Insurance, and Real Estate 19,600 35,800 45,867 52,397 I Services 76,300 212,500 314,908 324,295 *Hotel /Lodging Places (13,400) (33,300) (47,318) (49,071) *Personal Services (3,100) (6,000) (7,569) (7,929) *Business Services (12,000) (34,800) (72,026) (76,821) I *Health Services (16,600) (39,100) (61,167) (60,859) Membership Organization N/A (4,749) (5,926) (5,829) Government 41,400 73,200 85,105 88,065 I *Three counties only — Orange, Seminole and Osceola. Note Annual Average Employment. Figures in Parenthesis may not add up to total. Source: Florida Department of Labor and Employment Security FS 202 November 2000 1 Orlando's unemployment rate has been less than both the State and National rates. The ' follow chart shows the employment figure for the Orlando MSA: I Employment Growth and Unemployment Rates Metro Orlando Labor Force County Jan 05 Feb 05 Ma 05 Apr 05 May 05 Jam 05 Jul 05 Aug 05 Sep 05 Od 05 Nov 05 Dec 05 I anted States 1, 1 14 1 147.649 147.745 146.274 1Q . 575 150.327 151.122 150 l 149838 1:00,304 154205 145,074 FId5d& Mill 0 450.00016.501.00 6.541.020 6.579.000 0.64 6 6 r 3 00C 8,731.000 &727 5.760 5.150.000 8.70 00 E 730,000 Metre Orlando 1,..,.,x,.1 506.863 1 979.06E 852.512 5' 9256611,0_,.724 1,219.540 1.018.5461.01..553 1,072.035 1,012.965 1.023.730 Scram,' fianr „v to W5147-.4. R.'sc'v 55n,:a*.a kta*kat '018. La.; =97. 'rr Tha:s5.71E I Unemployment Rate -. 1 w .7� . -5 4s 5.2'0 -. c ` , 52..4 62% 53 0% 1 � `.=. . I , ...�_ 4 =• . ".r "�'`'.. , .w.`<" ° 4 ..,,u.�.. 4.5% ' ° .... �. 4.a% 4.Sci 4155 404 D., 3 % 3,r � ` c,cn, 4 � 36Y� � s s 04 v s �s ,� 324'.'""x" I Jan 05 -eb 05 Mar CF.' Ayr 05 May OS Sax, 05 JO vOS Aug 45 Se OE Oct 05 Nov •5. Dec OS Metro Orlando Unemployment Rate I _ .. County Jat05 05 Eta 05 Apr05 May05 Jim 05 Jul 05 .Aug 05 Sep05 Oct 05 Wow 05 OecOS United Stotts 1. „, „,,.,, . .J 5.7% 1 5.8%. 5 % 4.5% 4.5% 5.2% 52% 4.9% 1 4.5% 4.59: 4. 8% 42% =lxada Iglaial 43 °c 4. 366% 3.0% 3.7%. 4.155 19% 3.0 3.7% 3.4% 3.4% 2.5% h4etra :x10 n » r 4 1., ,,aa 1 .3% 411% 395 ?,E% 4.2%, 0.79: 3.5% 24% 02°1, 0.3% 1 2,5% ' The unemployment rate for in December of 2005 was 2.8%. While a low unemployment 1 1 1 rate is desired, it has caused labor shortages in areas such as construction. The major theme parks are doing extensive advertising to draw employees. I Overall, due to the extensive in- migration into the Orlando MSA, along with the extensive tourism industry that brings over 20 million visitors to the area, Orlando officials are constantly providing residents and visitors with a safe environment. along I with stable employment. I ECONOMIC CONSIDERATIONS Due to the massive tourism industry in the Orlando area, along with the increases in I population, the Orlando MSA has seen extensive growth in the last 15 to 20 years. This has had a dramatic effect on the real estate industry. The market in 2002 was active. I The following sections outline the different real estate markets in the Orlando MSA. Office Market 1 The office market appears to have survived the market boom and it's cool off, with investment sales slowing down only slightly and the office market showing high I occupancies and positive absorption. The fourth quarter 2007 vacancy rate was 8.9 %, which is unchanged from the third quarter of 2007 and slightly higher than approximately 7% for the same time a year earlier. The vacancy rate has slowly increased from the 1 fourth quarter of 2006 to the fourth quarter of 2007. The following is a summary of the Orlando area office market for the Fourth Quarter 1 2007: 1 I I 1 1 1 1 1 1 1 Net Under Canstsuchon Average TSB Muxtet cease >} Absorption SF Asking L Rcte Rate Sf DOWNTOWN " I I CI -Ls, _ � ,, ` , . % 142 200,0.0 $28.6 Class 8 2,8`2,22' 9.c% 129,406, r. 525.:3 I Class 3 , 2% 48,406 0 524.80 Subtotal ' 7,187,074' 9.4% 149,352 200,000 525.99 EAST ORLANDO Ck:us A 2 ,731,302 10.5% i12,553; 130;030 $22.59 Cl; s 8 `,522,106 14. (29,857! 0 319.78 I 'd C ',754,233 9.6% 21,643 0 5 8 , 19 ... Subtotal 6,007,731 11.4% {20,764) 100,000 520.44 LAKE MARY I Class A 4,24 ^041 5.7 % 32X41 237,000 321.1' Class 8 360,368 .2% 53,000 0 50.00 Class C 0 C.0% 0 0 5 000 Subtotal 4,608,259 5.4% 20,959 207,000 521.11 I MAITLAND CENTER Class . 2,512,17 E % ( , 49( 0 122.7 s Class E 2,40 ,3°6 9.:% 66,964} 0 520 52 Subiota! = " 574 45 X 817% {70,627) 0 521-:26 NORTH ORLANDO Class 248,089 16.9% 15,9707 351, 320.50 Class 8 940.193 10.5% ;3, 0 519.30 Class C 2,18° 66 12.3% ;7,888,1 0 51 53 ry Subtotal': 3977,950'x: 12.2% 07,558) 351,748 518.29, SOUTH ORLANDO Class A 3,520,921 ?.4% 63, 565,133 524.88 I Class 1,22"0,530 8090 [18,384; 57,030 $2x.59 Class 55 a5 % 5,183 0 517 6c ORLANDO •MS A ,....._33,653,150 ' 8.9% 111[,889 1 ,480,881: 521.93 I Source: CB Richard Ellis The strongest markets are Lake Mary and South Orlando. The areas with the highest I vacancy rates are East Orlando and North Orlando. As of the fourth quarter of 2007, there is 1,480,881 square feet of space under construction with 1.1 million square feet I aiming for completion by the end of 2008, or early 2009. Employment growth remains strong, driving demand for office space in downtown I Orlando. Rental rate momentum is positive and higher absorption has stabilized occupancy levels among the highest in the nation. Development activity appears on the near horizon. 1 Higher employment growth has already created demand for suburban office space in Orlando. Leasing activity has picked up, absorption levels have revived, rental rate momentum has improved, and occupancy levels are strengthening. I Retail Market 1 Retail development continues to thrive in the Orlando market with projects ranging from single, free standing stores to large mixed -use complexes and million square foot power 1 1 1 centers. The following is a summary of the Orlando area retail market for the Forth Quarter 2005: I Source: CB Richard Ellis PROPERTY TYPE INVENTORY (SF) VACANCY UNDER ASKING LEASE I RATE % CONSTRUCTION RATES (SF) WTAVG HIGH Neighborhood 14,611,051 11.71% 1,176,500 515 535 Community 18,506,803 8.79% 1,765,200 516 560 Power Centers 6,570,509 3.16% 500,000 519 532 Specialty Centers 2,809,340 16.38% 0440,000 528 540 I Super Regional 8,489,372 1.12% 0 533 560 Others 5,379,605 10.45% 50,000 517 533 I Market Total... °' 56,366,680 8.27 % 3,931,700 $16 $60 * Reported as of forth quarter of 2005 I The overall vacancy rate has remained at around 8% for about six quarters. This is in spite of the fact that there has been extensive construction of new retail space. Lease rates have remained fairly stable over that time period. 1 The following chart shows how the Orlando Retail Market compares in the different submarkets: 1 Source: CB Richard Ellis . SUBMARKET ' ' ` RETAIL BASE < �. VACANCY . ASKING LEASE (SF) RATE % ° RATES 1 WTAVG, HIGH NE Orange Co. 6,576,097 6.93% 520.42 540 NW Orange Co. 7,979,727 12.30% 514.91 560 SE Orange Co. 5,662,056 4.58% 512.16 525.50 SW Orange Co. 15,721,246 6.85% 517.91 560 Osceola Co. 4,859,436 15.04% 519.48 532 Seminole Co. 15,568,118 7.44% 514.31 545 TOTAL 56,366,680 8.27% 516.13 560 1 * Reported as of forth quarter of 2005 Southeast and Southwest Orange County appear to be the strongest market based on I vacancy rates. However, Northeast Orange County and Osceola County have the highest average lease rate. Continued population growth, high household spending, and I increased tourism levels are positive catalysts for the retail sector in Orlando. Multi- family Market 1 This sector has shown steady growth. A survey of over 134,459 units in Orange, Seminole, Osceola, Polk and Lake Counties shows a vacancy rate of 5.9% for September 1 1 1 of 2006. This vacancy rate is below the March of 2003 figures of 9.7% and the lowest recorded rate in the twice a year study (since 1987). This is due to the low interest rates stimulating home purchases. Conversion- related buying was receding quickly as 2007 I began and is expected to wane until supply and demand imbalances in the condominium market are worked out. Meanwhile, faced with the rapidly changing composition of the investor pool, with more apartment operators and few converters, sellers may need to I gradually reduce their expectations as the year progresses. The following chart breakdown the occupancies in the different study areas: 1 APARTMENT OCCUPANCY BY STUDY AREA STUDY AREA SEPT -03 MAR -04 SEPT-04 MAR -05 SEPT -05 MAR -06 SEP -06 A- Sanford /Lake Mary 88.5% 88.8% 94.3% 94.1% 97.0% 98.1% 94.0% ' B- Longwood /Altamonte Springs 91.8% 92.0% 95.2% 97.2% 96.2% 97.2% 93.1% C- Casselberry/Winter 92.8% 93.1% 96.1% 96.1% 97.8% 96.7% 94.6% Springs /Oviedo D- Apopka 94.6% 93.3% 96.9% 98.2% 97.4% 97.6% 99.2% E- Winter Garden /Ocoee /West 96.5% 89.7% 90.9% 95.7% 95.8% 96.0% 93.7% Orange F.North Orlando/Winter 91.3% 90.4% 91.4% 94.1% 94.4% 97.0% 94.7% I Park/Maitland G -South Orlando 94.5% 92.8% 95.9% 95.1% 96.4% 96.3% 93.7% H -East Orange /UCF 94.0% 92.1% 94.6% 93.8% 96.9% 96.8% 95.1% I -South Orange 88.1% 92.1% 96.0% 95.3% 93.7% 93.9% 96.0% J -Dr. Phillips/Windermere 90.9% 91.4% 95.0% 95.6% 96.3% 96.8% 91.7% K- Kissimmee 93.2% 89.7% 95.8% 96.1% 96.2% 96.8% 95.6% L. Lake /NE Polk 78.7% 91.2% 94.7% 96.3% 96.2% 89.1% 87.9% 1 Metro Total Source Charles Wayne Consulting, Inc 92.4% 91.6% 94.8% 95.1% 96.1% 96.4% 94.1% : As of September of 2006, there were at least 3,783 units under construction. Other than 1 March of 2006, this is the lowest number of units under construction since March of 1995. The following chart shows the apartment inventory and units under construction: 1 1 1 1 1 1 I ORLANDO MSA APARTMENT INVENTORY - SEPTEMBER 2006 Unit 4 of Complexes Units Under Absorption Unit Absorption I S uhmarket 4 of Units Occupancy Construction (Period) (Avg. Monthly) Sanford /Lake Mary 38 9.386 94.0% 38 -897 -74.8 Longwood /Altamonte Springs 41 10.203 93.1% 349 2.675 222.9 Casselberry /Winter Springs /Oviedo 42 9.565 94.6% 1 -934 -77.8 Apopka 3 850 99.2% 0 15 1.3 I Winter Garden /Ocoee /West Orange 23 5.087 93.7% 276 62 5.2 North Orlando /Winter Park/Maitland 59 11.181 94.7% 418 -833 -69.4 South Orlando 108 24,779 93.7% 708 -3,765 -313.8 East Orange /UCF 113 28,743 95.1% 675 -2.090 -174.2 I South Orange Dr. Phillips /Windermere 33 8,722 96.0% 693 -690 -57.5 42 11,671 91.7% 59 -2,049 -170.8 Kissimmee /St. Cloud 46 10.256 95.6% 422 -1,204 -100.3 Lake/NE Polk County 15 4.016 87.9% 144 143 11.9 MSA TOTAL 563 134,459 94.1% 3.783 - 14.917 - 1.243.1 I Source: Charles Wayne Residential Market Report There will be limited growth in this market segment due to the lack of available land. In 1 addition, multifamily for sale developers are competing heavily for the land that is available. This has driven the price of the land to record highs. 1 Industrial Market The vacancy rates have been raised slightly from 5.7% at the third quarter of 2007 to 1 7.3% to the fourth quarter of 2007. New construction was up from the previous three quarters at 2,664,210 square feet of industrial product being under construction at the end of 2007. In prior two years, the average was 1 to 3 million square feet. The following I chart prepared by C.B. Richard Ellis shows the fourth quarter 2007 statistics for the different submarkets in the Orlando Metropolitan Area: 1 1 1 1 1 1 1 1 1 1 Am. Asking teasel Gross Vacancy Qtr Net Littder R i fr) , b , d , ' ----ame. Build 6 SF Rale % Absorntion Constnrction SF a e v-"n -gicilli in. , -.. • N,1414,1•4N14 1 1,33,°73 2,593 -2 3 SC '..0 1 21 32(•,(35 7.9% -222 877 1-;2,253 55.73 1 I 5.52,22O 6.293 7,612 12;300 17 2 , - 16,425,731 9.3% 256 4 32 212,353 56.95 31,432.755 7.793 -437455 1,557,849 55.25 1 2cJ,253,c8, 5.0% -30 12( 659,743 S5.22 I TOTAL ' 165,3 ' 7:3% ' ' -941,811 2,664,210 $5.72 I I I', , , I ' ,. Y113 AbsOrphon 3,102,987 I I Source: CB Richard Ellis 1 Vacancy Rate IIII 7,3% AVG VACANCY RATE VS. AVG LEASE RATE Lease Rate atm 56 91 NIVAt I • IN rN.• I 2.051 - I I I 1 1 I ./ 1 t n 105) 1 1 1 1 1 1 1 i. • =005 10 2036 30'36 1()06 ',3r37 20'3• 3007 .z.,007 All of the submarkets have vacancy rates that are under 9.5%. The strongest areas appear to be Northeast Orange County (2.5%) with Southwest Orange County (6.0%) and 1 Osceola County (6.2%) in a distant second and third place. 1 1 1 1 During 2007, 37 buildings totaling 2.8 million square feet was completed in the Orlando market area. 55.6% or 1.7 million square feet of this delivered construction was in the Southeast Orange County area. There was a net absorption of just over 3.1 million I square feet for 2007. As of year end 2007, there was 2,664,210 square feet of industrial space under construction. Rental rates have increased 5.8% from the end of the third I quarter of 2007. Given the amount of space under construction, this should level off. Single- family Housing 1 The single- family housing market has been strong. The low interest rates have provided an incentive for buyers. Existing home sales in 2005 outpaced those of 2004. The I following is a summary: ilak Orlando Regional Realto Association 111 M etropolitan Orlando Housing Trends Summary 2005 Oie1vvoo Rt CIONAt Statistics at a Glance ti o' 1VgoctAi 1044 Month Int 2005 2004 % 2005 2004 2005 2004 2005 2004 Year Rate Median Median Change Sales Sales Listings Listings Contracts Contracts Jan 2005 5.55% 9193.000 9148,324 30.12% 1 1,564 2,970 3.404 2,387 2,550 I Feb 2005 5.49% 9196,000 9155,000 26.45% 1,988 1,814 2,397 2,919 2.388 2,635 Mar 2005 5.25% 9202.000 5158,750 27.24% 2,529 2,416 3,147 3,493 2,708 3,341 Apr 2005 5.29% 9218,000 9163,000 33.74% 2,557 2,361 3,314 3,253 2,918 3,403 Mary 2005 5.12% 9223,845 9169,000 32.45% 2,806 2.490 3,721 3.325 2,924 3,196 I Jun' 2005 5,43% 9 9175,000 36.86% 3,119 2,952 3,948 3,226 3,177 2,978 Jul 2005 5.55% 9 9180,000 36.11 % 2,547 2,805 4,188 3,213 3,237 2,958 Aug 2005 5,32% 9245,000 9182,000 34.62% 2,909 2,254 5.037 2,682 3,584 2,462 Sep 2008 5.62% 9243,900 9179,000 36.26% 2,752 1,587 5,008 1,850 3,090 1,634 Oct 2005 5.95% 9246.790 9182.000 35.60% 2,280 1,763 5,093 2,614 2,988 2,242 Nov 2005 5.94% 9249,900 9182,300 37.08% 2,336 1,897 4,998 2,755 2,571 2,454 Dec 2005 6.10% 9239.900 9187,900 27.67% 2477 2,185 4.164 2,186 2.478 1,144 Year to Date 52.31.000 3170.655 29.995 28,088 47,985 34.920 34,450 30,997 % Change Current Month 27.67 °l° 13.36 °I° 90.48% 116.61% % Change Year to Date 55.20% 14.98% 37.41% 11.14% Source: Orlando Regional REALTOR'"' Association up b Listings were up by 37.41% in 2005 and sales went p y 14.98 %. The median sales price increased from $170,855 at the end of 2004 to $239,900 at the end of 2005. This is I an increase of 35.2 %. The single - family market should remain a strong sector as long as Orlando remains a t popular place to relocate. In addition, increases in prices should slow down to a more moderate pace. 1 GOVERNMENT CONSIDERATIONS 1 There are several government influences that affect the real estate market in the Orlando MSA. These include taxation, utilities, and growth management. , i 1 1 The state of Florida ranks as the 6th lowest state in revenue derived from corporate and personal income taxes. Almost 60% of Florida's tax revenue comes from sales tax collections. As a result, tourism is an important factor in the state's tax structure. Florida I statutes provide for annual assessment and collection of property taxes on real and personal property. Property taxes are assessed and collected at the county level as revenue for counties, municipalities, school districts, and special taxing districts. The I taxes become due November 1st each year with a discount of up to 4% being allowed for early payment. Florida grants certain exemptions from property taxes such as a homestead exemption, which exempts the first $25,000 of value for qualified Florida I residents. Other exemptions include widows and widower exemption, disabilities exemption, and the blind exemption. 1 The utility service in the Orlando MSA is supplied by seven electricity generating companies, three natural gas suppliers, numerous water and sewer suppliers, including I many municipal governments. In order to provide these services the different municipalities in the Orlando MSA will continue to fund the new facilities through the use of "impact fees." These one -time fees have allowed government bodies to build new I facilities or expand existing facilities to handle demand as it occurs. These fees are generally imposed for water and sewer service as well as other government provided services such as schools, highways, fire and police protection. I In order to control the growth in the state, the Florida Legislature adopted the Local Government Comprehensive Planning and Land Development Regulation Act in 1985. I This law requires that each local government have the necessary public services available prior to any development. Each municipality is required to implement a concurrency management system that will review all development approvals, and any amendments to 1 the growth management plan. Overall, the government forces in the Orlando metropolitan area do not pose a negative 1 impact on the property values in the area. ENVIRONMENTAL CONSIDERATIONS I The environment plays a very important role in development in the Orlando MSA. Over the last five years there has been extensive scrutinization of the environment, and 1 environmental issues. Due to the ever increasing population in the Orlando MSA, the availability of potable I water is an increasing concern. It is not unusual that the water management districts in the area impose water restrictions through the summer months. There are two water management districts that govern the Orlando MSA. These water management districts I are the St. Johns River Water Management District, and the South Florida Water Management District. In addition to water restrictions, the water management districts govern the development of wetlands. In order to develop wetlands in the Orlando I metropolitan area you must receive a permit from the water management district. In order to receive the permit, the water management district requires mitigation of the area 1 1 II that is to be developed. In some instances, they will deny a permit altogether. In order to develop a parcel, the county and municipal governments require that you I retain your storm � ater on site. However, mos t of the recent planned developments have provided for master retention. 1 Overall, the environmental forces require that developers and land owners keep up to date on changes in order to protect their property rights and monitor development costs. 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 CONCLUSION Overall, the Orlando MSA's expected to continue to draw national attention as a dynamic ' growth area. The commercial and industrial facets of the real estate market are stable and the residential facets of the market are in decline. The multifamily market is in oversupply at this time. The apartment market is the most stable in this sector. The ' steady population growth combined with the existing and proposed construction projects as well as the tourist related activities, support optimistic views that long term growth and stability are expected in the Orlando metropolitan area. 1 i 1 1 1 1 1 1 1 1 1 1 1 ZONING REGULATIONS 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 ARTICLE II: LAND USE, ZONING, AND PERFORMANCE CRITERIA 1 1 SECTION 2.1 ZONING DISTRICTS I Consistent with the City's Comprehensive Plan Future Land Use Map and related policies (Sec. 1.21, Comprehensive Plan), all land and water areas located within the incorporated 1 ten of the City of Sanford, Florida, shall be designated for use and development based on the following Zoning Districts which districts shall be reflected on the Zoning District Map for the City of Sanford, Florida, by the Zoning District Map symbols set forth below. The term 1 `zoning district' shall be synonymous with the term `zoning classification.' RESIDENTIAL DISTRICTS 1 SR -1AA Single Family DweIIing Residential. Which shall identify those areas of the City of Sanford which are intended for one (1)- family dwellings on ten thousand 1 (10,000) square foot lots and related accessory uses. SR -1A Single Family Dwelling Residential. Which shall identify those areas of the City of Sanford which are intended for one - family dwellings on seven thousand I five hundred (7,500) square foot lots and related accessory uses. Where located on land with a Comprehensive Plan designation of "Low Density Residential," the I gross residential density shall not exceed six (6) units per acre. SR -1 Single- Family Dwelling Residential. Which shall identify those areas of the City of Sanford which are intended for one - family dwellings on six thousand I (6,000) square foot lots and related accessory uses. Where located on land with a Comprehensive Plan designation of "Low Density Residential," the residential density shall not exceed six (6) units per acre. I SR -2 Mobile Home Residential. Which shall identify those areas of the City of Sanford which are intended for mobiles homes and related accessory uses. I Maximum gross residential density shall not exceed six (6) units per acre. Replacement of existing mobile homes on existing mobile home parks and sites of record, as of the effective date of the Comprehensive Plan, shall be permitted. I MR -1 Multiple- Family Residential. Which shall identify those areas of the City of Sanford which are intended for multiple- family dwellings at a maximum density 1 of eight (8) dwelling units per acre and related accessory uses. MR -2 Multiple- Family Residential. Which shall identify those areas of the City of I Sanford which are intended for multiple - family dwellings at a maximum density of 15 dwelling units per acre and related accessory uses except, however, that multiple- family dwellings located adjacent to single - family dwellings or single - 1 family zoning districts shall have a maximum density of ten (10) dwelling units per acre. 1 12/8/03 II -1 1 1 1 MR -3 Multiple- Family Residential. Which shall identify those areas of the City of Sanford which are intended for multiple - family dwellings at a maximum density of 20 dwelling units per acre and related accessory uses except, however, that I multiple- family dwellings located adjacent to single- family dwellings or single - family zoning districts shall have a maximum density of ten (10) dwelling units i per acre. MULTIPLE FAMILY RESIDENTIAL /OFFICE /INSTITUTIONAL (RMOI) DISTRICT 1 RMOI Multiple- Family Residential- Office - Institutional. 1 The multiple- family Residential /Office /Institutional (RMOI) policy district is a planned mixed use district designed to accommodate business and professional offices as well as high density multiple family residential opportunities and 1 institutional uses. The allowable maximum residential density shall be up to a maximum of twenty (20) units per acre except, however, that multiple - family dwellings located adjacent to single- family dwellings or single- family zoning I districts shall have a maximum density of ten (10) dwelling units per acre. The maximum intensity of nonresidential development measured as a floor area ratio is .35. 1 This land use policy designation district expressly excludes general retail sales 'arid services, warehousing, and outside storage. Furthermore, this district is 1 intended for sites which: (a) Have accessibility to major thoroughfares or are located along the outer I fringe of core commercial areas; (b) Build on the purpose and function of the central business district and Lake I Monroe waterfront; (c) Encourage reinvestment in declining residential areas adjacent to commer- 1 cial core areas; (d) Have potential to be served by a full complement of urban services; 1 (e) Contain sufficient land area to accommodate good principles of urban design, including sufficient land area to provide adequate landscaping and buffers to separate existing as well as potential future adjacent land uses of 1 differing intensity; (f) Frequently serve as a transition area which buffers residential uses located 1 in one area from a nearby area which accommodates uses of a higher intensity. x 1 1 12/8/03 II -2 1 1 1 COMMERCIAL DISTRICTS RC -1 Restricted Commercial. The RC -1 district is intended to implement the ' Comprehensive Plan "Neighborhood Commercial ((NC) Future Land Use Map designation and is intended to serve limited areas that are predominantly residential in character but which require some supporting neighborhood office ' and retail establishments. Property assigned to this district should be accessible to major thoroughfares near residential neighborhoods. The maximum density of development within the RC -1 district measured as a floor area ratio is .35.erally ' restricted to business and professional offices, neighborhood convenience stores and drug stores, specialty shops, limited item retail shops and services such as beauty parlors, barber shops, laundry and dry cleaning pick -up stations. The RC -1 1 district is not intended to accommodate large scale retail sales, service or trade activities or residential development except for single - family and duplex units approved as a conditional use. ' GC -2 General Commercial. The GC -2 district is intended to implement the Comprehensive Plan "General Commercial" (GC) Future Land Use Map ' designation. Properties assigned this district should accommodate community - oriented retail sales and services; highway- oriented sales and services; and other general commercial activities. The GC -2 district is intended to include the easterly portion of the First Street business district. The general commercial ' designation also is intended to include pre - existing commercial corridor development along such major thoroughfares as French Avenue, Orlando Drive ' (US 17 -92), and strategic intersections along Airport Boulevard. The GC -2 district generally shall be located in highly accessible areas adjacent to major thoroughfares which possess necessary location, site, and market requirements. The maximum intensity of general commercial development measured as 'a floor '. area ratio is .35. 1 Transient residential facilities including hotels and motels, or residential care facilities are permitted uses in this zoning district. SC -3 Special Commercial. The SC -3 district is intended, in part, to implement the Comprehensive Plan Waterfront Downtown Business District (WDBD) Future Land Use Map designation for mixed use residential and general commercial uses as well as related accessory uses. The SC -3 district is intended to provide a planning and management framework for promoting development and redevelopment within the core of the Downtown 1 Commercial Area, the central business district, including the Lake Monroe waterfront, the historic downtown commercial area, and its environs as designated on the Future Land Use Map Series. As such, the parking standards of Schedule H ' shall not apply to existing buildings in this district as of the date of adoption of these revisions to the land development regulations. ' In the SC -3 district, the maximum intensity of development measured as a floor area ratio is 2.0 east of U.S. 17/92 and .35 west of U.S. 17/92 for commercial ' 12/8/03 I1-3 1 development and .50 tluoughout the district for industrial development. The maximum density of residential development is fifty (50) units per acre. INDUSTRIAL DISTRICTS I The following industrial districts are designed to implement the Comprehensive Plan Future Land Use Map "Industrial" designation. Industrially designated areas are not adaptive to 1 residential use and as such residential activities shall not be located in areas designated for indus- trial development. This provision shall not prohibit residences for exclusive use by night watchmen or custodians whose presence on industrial sites is necessary for security purposes. I RI -I Restricted Industrial. This district includes areas of the City of Sanford which are intended for light wholesale and manufacturing uses and related accessory 1 uses. The maximum intensity for industrial development shall be a floor area ratio of .50. MI -2 Medium Industrial. This district includes those areas of the City of Sanford which are intended for heav y wholesale and manufacturing uses and related accessory uses. The maximum intensity for industrial development shall be a 1 floor area ratio of .50. AGRICULTURAL DISTRICT 1 AG Agriculture. The Agricultural (AG) district is intended to implement the Comprehensive Plan "Suburban Estates" (SE) Future Land Use Map designation. Residential densities in this zoning district shall not exceed one (1) dwelling unit I per one (1) acre. I PLANNED DEVELOPMENT PD Planned Development. Properties assigned the Planned Development zoning I district are intended for residential and nonresidential uses that utilize flexible and creative site design to achieve a more desirable environment and more efficient land use. 1 The planned development land management strategy is a technique for negotiating innovative development options and a design to achieve public objectives such as natural resource protection, which might not otherwise be 1 achieved. In addition, planned development district regulations shall be used to manage development of industry and commerce in the following major activity centers: (1) the I -4 High Intensity area; (2) the Westside Industry and Commerce 1 area; and (3) the Airport Industry and Commerce Center, all of which are delineated on the Comprehensive Plan Future Land Use Map. The planned development district regulations shall also manage urban infill projects. The I underlying Comprehensive Plan land use designation shall control the maximum density /intensity for planned unit development. 1 1 12/8/03 II -4 1 1 SECTION 2.2 ASSIGNMENT OF ZONING DISTRICTS AND ADOPTION OF ZONING DISTRICT MAP A. Adoption of Zoning District Map. ALl land and water areas located within the incorporated territory of the City of Sanford, Florida, are hereby assigned the Zoning Districts reflected on the Zoning District Map for the City of Sanford, Florida, adopted incident to and as a part of this Ordinance, a certified copy of which is located in the ' Office of the Administrative Official. Changes, amendments and reassignment of districts thereon shall be made only in accordance with the provisions of or by amendment to this Ordinance. B. Interpretation of Zoning District Map Boundaries. The following rules shall be used to interpret the exact location of the Zoning District boundaries reflected on the Zoning 1 District. 1. Where a zoning district boundary approximately follows a parcel or property line, 1 that line is the boundary of the zoning district. 2. Where a zoning district boundary follows a street or railroad the centerline of the 1 street or railroad right -of -way is the boundary of the zoning district. 3. Where a zoning district boundary follows a stream or canal or a lake or other ' body of water, the centerline of such stream or canal or the shoreline of such lake or other body of water is the boundary of the zoning district. 4. Where a zoning district boundary does not clearly follow any of the features mentioned above, its exact location on the ground shall be determined by measurement according to map scale and /or legal descriptions of the land area involved which are filed in the Office of the Administrative Official and related to the zoning district question. 5. In any instance in which the exact location of a zoning district boundary is not ' clear, the Administrative Official shall apply the criteria herein cited to confirm the exact location prior to issuing a Site Development Permit or Certificate of Completion. The applicant may appeal the decision of the Administrative Official in the manner set forth in this Ordinance. C. Unzoned Areas. If any land and /or water area does not appear to have an identifiable or 1 specific zoning district map symbol reflected on the Zoning District Map, the Planning and Zoning Commission shall initiate an amendment to the Zoning District Map within thirty (30) days after notification of such fact in order to establish a zoning district for 1 such area- and no site development permits or certificates of completion shall be issued for such areas until after the City Commission has taken final action on the proposed amendment. D. Currency of Zoning District Map. The Administrative Official shall ensure that all zoning district boundaries are accurately reflected on the Zoning District Map. 1 12!8/03 1 II -5 1 1 ' SECTION 2.3 PERMITTED LAND USES A. Land Use Classification. For purposes of administration of this Ordinance, the Administrative. Official shall c]assify existing and fiiture uses of premises based upon the ' uses reflected on Schedule A, Land Use Classifications, in accordance with the definitions contained in this Ordinance. B. Permitted Uses For Lots And Tracts. A site development permit and, under appropriate circumstances, a certificate of completion for individual lots or tracts shall be issued upon the Administrative Official's determination that the proposed use is one permitted in 1 Schedule B, Permitted Uses, and that the proposed use of the lot or tract conforms with all applicable provisions of this Ordinance including the specific requirements established in Schedule C, Area And Dimension Regulations For Lots And Tracts. ' C. Permitted Uses For Planned Development Projects. A site development permit and, under appropriate circumstances, a certificate of completion shall be issued upon the Administrative Official's determination that the uses are ones permitted in Schedule B, Permitted Uses, that the proposed use conforms with all applicable provisions of this Ordinance including the specific requirements established in Schedule D, Planned Development Project Regulations and that a planned development project plan and r related supplementary data and material has been submitted, reviewed, approved and filed in accordance with the provisions of this Ordinance. 1 D. Permitted Use For Manufactured Housing. Manufactured housing may be permitted in all residential districts within the City if the units comply with the following standards: 1 1. City's adopted building codes; 2. State of Florida building standards of Chapter 320 and 553, F.S.; 1 3. U.S. Department of Housing and Urban Development Manufactured Horne Construction and Safety Standards of 1974 (i.e., Sec. 320.823, F.S.); 4. All applicable provisions of the Comprehensive Plan and the land development regulations. E. Affordable Housing. The City of Sanford shall apply generally accepted land use principles and practices in determining whether to approve sites for affordable ' housing specially designed to accommodate low and moderate income households which are consistent with the Comprehensive Plan, Policy 3- 1.1.4, Schedule T, Affordable Housing of these land development regulations, and all other applicable 1 land development regulations as herein stated. SECTION 2.4 ADDITIONAL REQUIREMENTS FOR SPECIFIC USES ' Additional requirements and provisions for certain specific uses shall be as set forth in Schedule E, Additional Requirements and Provisions For Specific Uses. 1 1 ' 12/8/03 II-6 1 SECTION 2.5 GENERAL REQUIREMENTS FOR BUILDINGS, PARCELS. BUILDING SETBACKS AND YARDS General requirements for the location and dimension of buildings, parcels, building setbacks and yards shall be as set forth in Schedule F, General Requirements For ' Buildings. Parcels. Building Setbacks And Yards and Schedule I, Base Building Line And Designated Right -of -Way Line Requirements For Specific Streets. SECTION 2.6 REQUIREMENTS FOR VEHICULAR ACCESS, PARKING, LOADING AND SERVICE AREAS Requirements for vehicular access, parking and related matters shall be as set forth in Schedule G, Requirements For Vehicles And Designated Right -of -Way, and Schedule H, I Minimum Automobile Off- Street Parking Space Requirements. 1 ' SECTION 2.7 LANDSCAPE, LAND USE COMPATIBILITY REQUIREMENTS FOR SETBACKS, BUFFERS AND VISUAL SCREENS AND TREE PROTECTION 1 Landscape requirements, land use compatibility requirements for specific uses and zoning districts that abut certain specific uses and zoning districts and tree protection and tree preservation requirements shall be as set forth in Schedule J, Landscape. Buffer and Tree Requirements. SECTION 2.8 NONCONFORMING LAND USE PROVISIONS The requirements and limitations respecting the use of existing nonconforming structures and uses, nonconforming signs nonconforming designated planned development 1 projects, proposed nonconforming buildings and existing undeveloped nonconforming parcels of record shall be as set forth in Schedule L, Nonconformina Land Use Provisions. SECTION 2.9 SIGNS 1 Requirements for signs shall be as set forth in Schedule K, Sign Regulations. SECTION 2.10 ENVIRONMENTALLY SENSITIVE AREAS Requirements and limitations respecting the use of land and /or water areas designated as wetlands, flood hazard areas, wellfield protection zones, aquifer recharge areas, ' floodways, upland wildlife habitats and soil limitations shall be set forth in Schedule M, Environmentally Sensitive Lands. 12/8/03 [I -7 1 1 Environmentally sensitive areas are generally identified on the Future Land Use Map as Resource Protection (RP) land use designation. Prior to the issuance of a development 1 order or development permit of whatsoever nature, each applicant must demonstrate, to the satisfaction of the City, compliance with all applicable Federal, State, regional and other applicable laws, rules and regulations. 111 SECTION 2.11 CONSTRUCTION AND DESIGN STANDARDS ' Requirements respecting the design and construction specifications for streets, drainage, paving, utilities and other similar and /or related required improvements and activities shall be as set forth in Schedule N, Subdivisions. Streets, Lot and Tract Design and ' Paving, Requirements, Schedule 0, Drainage, Easements and Site Preparation/Excavation Requirements and Schedule P, Utilities Standards and Specifications. SECTION 2.12 HISTORIC LANDMARKS AND HISTORIC DISTRICTS Requirements for the preservation of historic structures and landmarks and historic 1 districts shall be as set forth in Schedule S, Historic Preservation. SECTION 2.13 AIRPORTS AND AIRCRAFT 1 Requirements for land uses and activities within the airport zoning district as set forth in Schedule R, Airports and Aircraft. The horizontal and vertical limits beyond which the projection of any structure or tree will constitute an airport hazard are identified on the Airport Height Zoning Map on file in the Department of Engineering and Planning. SECTION 2.14 CONCURRENCY MANAGEMENT 1 Procedures required for concurrency management are included in Article VIII, Concun Procedures and adopted level of service standards and a description of methodologies are included in Schedule Q, Level of Service Requirements and Methodologies. SECTION 2.15 GATEWAY CORRIDOR DEVELOPMENT DISTRICTS 1 Requirements for Gateway Corridor Development standards shall be set forth in Schedule U, Gateway Corridor Development Districts. 1 1 1 12/8/03 ' I1-8 1 , ...) > - 1 :___,.., ._ v J _ \ :J :J .J _ < U U U U :J U :J _ „,,) -• c — •-i-'., -• - • J v ^ ” c.--- y J V Z < _ ° rn [� N N N F .il U O 1 ,..._, , Z C O �_ _ , ,r) kr) cn C... © U cJ ,J U J, 1 M r C U C U O p r - o o F ] U7 z Z Z Z Z Z 2 O N J C U I CID O U - U .N+ - M n N N N N vl K? 7 -. 1 J U n O v L o F- o c - II 4 Z ° v) , n n o o ■ n V? ?� a �] crl t-- N N N M c� ^ 7 ✓ C 4 c ^ c o a, " ' a. O . 'r) 0 0 O O O O M 2 y 1 . ! a. M rn N N 0 , O � v� c O W U m - Z ", O ,-- 3 _ d `^ z o U -0 -0 ._ d ci I E- O ° v ° o 0 0 o v < o o v °' c U o U � J N C M M N N V M z f� = O Q U Ti c _ U 7. 1 W r .., . . . �1. j M O O O O M �. z O O 7 ^� J I=1 r- r- W _ - o U 2 N o o n `,� c , Z U , n .n ? J V -.-_,- 0 r. O N , .:J N N V1 F : v N n N N 0 M V; z c 'U U r r L U .-- ^ r U '-'-• p p cJ 0 pp - >, O �n �n O N v c Z O �' 7.. k,) C> r :a ;e _ r N N - ,F /D N �� — • e ;.11 J w _ a o y v c a VD < F tl ^- ti J c ro c U r, U U `� U < L cp.. I a c r= . o c c c . ^ E 3 J. v N c� t m 1 SCHEDULE B - PERMMITTFD USES 1 I LAND USE CATEGORY SR- SR -1A SR -I SR -2 MR -1 MR -2 MR -3 RMOI RC -1 GC -2 SC -3 RI -1 M1 -2 AG PD PRO IAA .. I RESIDENTIAL One - Family Dwelling. ♦ D P * One - Family with Garage P P P D P I One - Family with Garage or Carport P P P P P P D P Two-Family Dwelling P (1) D * Mobile 1 -tome (3) P * ' Multiple Family Dwelling (3) P P P P (1) C C * Townhouses (3) P P P P C C * I MISCELLANEOUS Day Care Facility: 1 to 5 Individuals P P P P D D D D D P P P 6 or More Individuals (11) (11) (11) D (2) D (2) D (2) P 1' P D * I Community Residential Home (3) 1 to 6 Residents (3) D(13) D(13) D(13) D(13) D(13) D (13) P D(13) P P P(13) (1,13) 7 to 14 Residents (3) D(14) D(14) D(14) D(1,15) D (15) D (15) D (15) (15) I Residential Care Facility - 15 or More Residents (3) (16) (16) P P (16) * Nursing Home D D P P P * Boarding House C C C C C * I Accessory Dwelling Unit D D D C C C D C C C C C C Accessory Residential Structure D D D C C C C C C C * Urban Infill Project (24) C C C C C C C C C C C C C C * PUBLIC AND SEMI - PUBLIC Noncommercial Amusement Facility I Indoor C P P P PP C * D Outdoor C C P C P P C * P Educational Facilities Elementary School C C C C C C C C P P C C * I Middle School C C C C C C C P P C C High School C C C C C C C C P C C * College, University or Vocational I School C C C C C P P P C * Library C C C D P P P C * Cultural Facility C C C D D P P * C I House of Worship C (4) C (4) C (4) C (4) C (4) C (4) P C 1' C * ~— Cemetery (21) C C C C C C C C P C C C C Hospital /Medical Clinic C C P C ' Public Transportation Terminal C C C C C C C * Communication Tower (3) C C C C C C (19) (19) C * C Solid Waste Disposal Facility C D D C * 1 Government Owned Use /Public Facilities D D D D D D P P P P P P (6) D (6) Community Resource Facility (3) ( (21) (21) (21) (21) (21) 1 Ord. No. 3950 B - 1 1 8/8/05 , SCHEDULE B - PERMITTED USES LAND USE CATEGORY RMOI RC -1 GC -2 SC -3 RI -1 MI -2 AG PD COMM ERCIAL I Retail Sales & Service (3) Indoor (7) P P D D * Outdoor Display - New Merchandise P C C C * I Outdoor Display -Used Merchandise C C C C * Outdoor Storage C C C Temporary Commercial D D D D D I Business & Professional Office P (7) P P P P Baill3ond(12) C C C C C C * Exceptional Uses (3) (20) C I Nonhazardous Research & Testine Lab. (3) P P P • * Business Training Schools D P D (23) P P * Restaurant (7) P P D D * I Drive -Thru Restaurant D P * Sidewalk Cafe D (22) TRANSIENT LODGING & ENTERTAINMENT I Transient Lodging Establishment P P Commercial Amusements Indoor (Except Adult Performance Establishments and Adult Arcade 1 i Amusement Centers) (8) P C Adult Performance Establishment (18) P P Adult Arcade Amusement Center (3) (12) (12) (Except I Outdoor Face t Adult Performance Establishments and Adult Arcade C * Amusement Centers) Motion Picture Theater I Indoor P P * Outdoor P * VEHICULAR USES (3) Vehicular Service (8) C D P P Vehicular Repair D D P * Vehicular Rental D P P * I Vehicular Rental Office (5) D P P P P * Major Equipment Rental (5) D P P * Major Equipment Repair D P * ' Vehicular Dealer Sales (9) C Vehicular Accessory Sales and Installation D D D * 1 1 1 1 ()rd. No. 3930 B - 8/8/03 SCHEDULE B - PERMIT I`ED USES LAND USE CATEGORY RMOI RC -1 GC -2 SC -3 RI-1 M1 -2 AG PD MISCELLANEOUS BUSINESS AND SERVICES I Funeral Home and /or Crematory (17) 1' C P P * Laundromat D D D D * Printing & Publishing P P P P * Domestic and Business Service Indoor P P P P Outdoor D C P P Landscaping Service Establishment Indoor P P P P P * I Outdoor C P P Auction Sales Establishment Indoor P P P P P * Outdoor D P P * I * Aircraft Sales Establishment Indoor P P Outdoor P P Small Animal Boarding Kennel Indoor C P D P P D * Outdoor C P P D * I Veterinarian & Animal Hospital Indoor C P D P P D Outdoor C P P D * Welding Establishment (3) D P _ P . * I INDUSTRIAL Wholesale & Storage (10) Nonhazardous (3) Indoor D P P * I Outdoor C D 1' * Tank C C P * Hazardous(3) Indoor C P P * I Outdoor C C C * Tank C C * Junkyard(3) C * I Laundry And Dry Cleaning Plant P P P Manufacturing Nonhazardous (3) Indoor D P P * Outdoor C C C I _ Hazardous (3) Indoor C P Outdoor C * I AGRICULTURAL Agriculture P * Animal Raising C * I Mining (3) * Agriculture Processing Establishment C C C * FOOTNOTES 1 "P" Indicates that the use listed is permitted as -of -right within the corresponding zoning district (See Schedule C, Area and Dimension Regulations). "D" Indicates that the use is permitted as a minor conditional use and is allowed within the corresponding zoning district only after review by the I Development Review Team and approval by the Director of Planning and Development Services. "C" indicates that the use listed is allowed within the corresponding zoning districtonly after being approved by the Planning and ZoningCommission as a major conditional use. I " *" Indicates that the use listed is allowed subject to complying with Planned Development Project Regulations (See Schedule D, Planned Development Project Regulations). " +" Schedule S, Historic Preservation, may impose additional regulations a this zoning district. 1 Only for existing platted tots and new subdivisions with ten (10) or less Tots. Ord. No. 3950 B - 3 1 8/8/05 1 SCHEDULE B - PERMITTED USES (1) Residential uses in the RMOi Zoning district shall he only in conjunction with office and /or institutional uses. (2) Day care is only permitted as an accessory use to a residential complex or development and is not permitted in an individual residential nit. I (3) This use is subject to certain specific requirements. (Sec Schedule E, Additional Requirements and Provisions for Specific Uses.) (4) A house of worship located in the SR -IAA. SR-1A, SR -1, MR -1, MR -2 and MR -3 zoning districts shall be permitted to have only I limited educational and day care facilities and only as an accessory use. No facilities defined in Schedule A, Glossary, as community resource facilities shall be permitted as accessories to a house of worship in these residential zoning districts. (5) in addition to the parking requirements of Schedule 11, the rental use shall provide parking for rental vehicles and /or equipment. I (6) Government owned uses are allowed subject to the same requirements as non - government owned uses of the same type except for noncommercial amusement facilities which shall he allowed within any zoning district and shall not require conditional use approval. I (7) Such uses shall be allowed provided that the total of all uses shall not exceed 3,500 square feet or less of floor area. (8) Automobile and Truck Service includes the following: Automobile Parking Establishment, Automobile Cleaning Establishment and Gasoline Service Station. U (9) Automotive Dealer Sales includes the following: Automobile Sales, Truck Sales, Boat Sales, Major Equipment Sales, Mobile Home Sales, Travel Trailer Sales and Automotive Specialty Sales. (10) Wholesale and Storage includes the following: Construction and Contractor Yards, 1-Teating Fuel Sales and Nonrctail Sales and 1 Service. (1 I) If such use is in conjunction with a church and /or an elementary school, such use is allowed as a conditional use. I (12) Such use is allowed within the corresponding zoning district only after being approved as a conditional use and after approval by the City Commission. (13) Such use shall be allowed provided that such use shall not be located within a radius of 1,000 feet of another existing Community I Residential iionme. (14) Such use shall be allowed provided that such use shall not he located within a radius of 1 200' of another home in a Multi - Family I Zone or within 500' of a Single Family Zone boundary. (15) Such use shall be allowed provided that such use shall not be located within 500' of a Single Family zone. (16) Such use shall be allowed as a conditional use provided that such use shall not be located within a radius of 1200' of another residential care facility or a community residential home in a multi- family zone or within 500 feet of a single family boundary. I (17) Crematory facilities only allowed in R1 -1 and M1 -2 Zoning Districts. (18) Adult Performance Establishments shall comply with all requirements and provisions set forth in Ordinance No. 3185, entitled I "The City of Sanford Adult Entertainment Code" and all other applicable provisions of the Sanford City Code and state law. (19) Communication towers up to a maximum height of two hundred (200) feet shall be allowed by right. Communication towers greater than two hundred (200) feet in height shall be allowed only after being approved as a conditional use. Such use is allowed within corresponding zoning district only after being approved as a Conditional Use. Further, such use shall not be located within a I radius of 1,500' of another such use nor shall such use be located within 300' of a school, church, park or residentially zoned land. (20) Such use is allowed within corresponding zoning district only after being approved as a Conditional Use. Further, such use shall not be located within a radius of 1,500' of another such use nor shall such use be located within 300' of a school, church, park or I residentially zoned land. (21) Such use is allowed within corresponding zoning district only after being approved as a Conditional Use and after approval by the City Commission. Further, such use shall not be located within a radius of 1,500' of another such use nor shall such use be located I within 300' of a school, church, park or residentially zoned land. The City Commission shall have the authority to waive this provision during the approval process if the Commission determines that the proposed community resource facility primarily serves the interests of the specific neighborhood. (22) See Schedule E, Section 20.0 for Sidewalk Cafe procedures and requirements. I (23) Business training schools are not permitted on the ground floor. (24) Schedule E may impose additional requirements on some uses. 1 Ord. No. 3950 B - 4 • ' 8 /8/05